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September 3, 2012

FASB consults on 2013 US GAAP taxonomy

The US Financial Accounting Standards Board (FASB) has launched a consultation on its 2013 US GAAP Financial Reporting Taxonomy.

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the US Securities and Exchange Commission.

The taxonomy is a list of a list of computer-readable financial reporting labels coded in XBRL (eXtensible Business Reporting Language), which allows companies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures.

The FASB explained the tags allow users of financial statements to electronically search for, assemble, and process data so that the data can be readily accessed and analysed by investors, analysts, journalists and regulators. 

The deadline for comment on the proposals is 29 October.


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