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FASB releases 2017 U.S. GAAP Financial Reporting Taxonomy

  • FASB (US Financial Accounting Standards Board) Image

Dec 15, 2016

The FASB has released the 2017 U.S. GAAP Financial Reporting Taxonomy.

The taxonomy “is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.” The 2017 version of the taxonomy “contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.”

The SEC needs to approve the taxonomy before it becomes official; the Commission is expected to do so in early 2017.

For more information, see the press release and taxonomy page 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.