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.
