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FASB seeks comments on its review of the financial reporting taxonomy

  • FASB XBRL Image

May 10, 2017

The FASB has released an invitation to comment (ITC) that is intended to allow the Board “to assess the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy (GAAP Taxonomy).”

The ITC discusses potential enhancements to (1) “the usability of the GAAP Taxonomy” and (2) “the processes that support taxonomy-related activities.” The FASB is performing the taxonomy review in response to a request made by the SEC in January 2017.

Comments are due by June 15, 2017. The FASB will hold a public roundtable on July 18, 2017, to discuss the feedback received.

For more information, see the press release and invitation to comment on the FASB’s Web site.

Related Topics

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.