SEC ACCEPTS 2016 GAAP FINANCIAL REPORTING TAXONOMY
Norwalk, CT, March 8, 2016—The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2016 GAAP Financial Reporting Taxonomy.
The FASB staff is responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy, which is applicable to public issuers registered with the SEC. Each year, the Taxonomy is updated to reflect new Accounting Standards Updates and other related improvements and enhancements.
The GAAP Financial Reporting Taxonomy is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, regulators, and others.
Questions about using the Taxonomy for creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the Commission. The SEC contact details and guidance are available at the SEC’s portal on XBRL.
Those interested in learning more about the 2016 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast entitled 2016 GAAP Financial Reporting Taxonomy Changes and Beyond, and SEC Update. Offered free of charge, the webcast takes place on Tuesday, April 5, 2016, from 1:00 to 2:15 p.m. EDT. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
In connection with the 2016 Taxonomy Release, the Taxonomy staff has issued several final 2016 XBRL Taxonomy Implementation Guides. Those guides can be found on the XBRL Taxonomy Implementation Guide Page and include:
- Disposal Groups and Discontinued Operations
- Insurance: Concentration of Credit Risk Disclosures
- Liquidation Basis of Accounting
- Measurement Date Practical Expedient for Defined Benefit Plans
- Segment Reporting
- Disclosures about Offsetting Assets and Liabilities
- Other Comprehensive Income
- Notional Amount Disclosures
- Repurchase to Maturity Transactions and Repurchase Financings, and
- Short-duration Insurance Contracts
- Subsequent Events.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.