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FASB seeks comments on GAAP taxonomy changes

By Steffen Müller

The Financial Accounting Standards Board (FASB) has asked for comment on proposed structural changes to the US GAAP taxonomy.

With the revised taxonomy documents, FASB US GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT , the standard setter intents to improve the taxonomy's usefulness to preparers and users of financial statements.

The revised taxonomy sets forth a new calculation hierarchy as currently, the taxonomy provides a hierarchy - or summation - for every statement or disclosure presentation with summation relationships, regardless of any overlap.

The revised hierarchy is supposed to eliminate inconsistencies created by these multiple calculation hierarchies in order to make it more functional for users and easier to navigate for preparers.

The deadline for comments is 14 July.

Related links

FASB US GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT

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