FASB issues 2015 Financial Reporting Taxonomy for public comment

  • FASB (US Financial Accounting Standards Board) (lt blue) Image
  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

02 Sep 2014

The US Financial Accounting Standards Board (FASB) has released for public comment its proposed 2015 GAAP Financial Reporting Taxonomy, which “contains updates for accounting standards and other recommended improvements to the official taxonomy”. The taxonomy consists of XBRL-coded labels with tags that allow financial statement users to “electronically search for, assemble, and process data so that the data can be readily accessed and analyzed by investors, analysts, journalists, and regulators”.

Comments on the proposed taxonomy are due by 31 October 2014. The final version is expected to be published in early 2015.

For more information, see the press release and proposed taxonomy on the FASB’s website. The FASB is also holding a webcast on 9 September 2014, to discuss the proposed taxonomy, ASU taxonomy changes, taxonomy implementation guides and taxonomy simplification.

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