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SEC approves the 2016 U.S. GAAP Financial Reporting Taxonomy

  • XBRL — dark blue Image

Mar 08, 2016

The FASB has announced that the SEC has approved the 2016 U.S. GAAP Financial Reporting Taxonomy and has updated its EDGAR system to support the new version.

The 2016 taxonomy reflects accounting standards issued during the past year as well as other corrections and improvements to the 2015 taxonomy. Changes include the (1) addition of new elements (i.e., XBRL tags), (2) deprecation or replacement of previously existing elements, and (3) modification of element definitions and other attributes.

In addition, the FASB’s taxonomy staff has issued 2016 XBRL implementation guides on the following topics:

  • Disposal groups and discontinued operations.
  • Insurance: concentration of credit risk disclosures.
  • Liquidation basis of accounting.
  • Measurement-date practical expedient for defined benefit plans.
  • Segment reporting.
  • Disclosures about offsetting assets and liabilities.
  • Other comprehensive income.
  • Notional amount disclosures.
  • Repurchase-to-maturity transactions and repurchase financings.
  • Short-duration insurance contracts.
  • Subsequent events.

For more information, see Deloitte’s related journal entry as well as the press release on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.