FASB TO HOST ROUNDTABLE MEETING ON U.S. GAAP TAXONOMY INVITATION TO COMMENT
Norwalk, CT, June 13, 2017—The Financial Accounting Standards Board (FASB) will host a public roundtable meeting to discuss the Invitation to Comment (ITC), U.S. GAAP Financial Reporting Taxonomy—Efficiency and Effectiveness Review.
The meeting will be held from 9:00 a.m. to 12:00 p.m. Eastern Daylight Time (EDT) on Tuesday, July 18, 2017, at the FASB offices located at 401 Merritt 7 in Norwalk, Connecticut.
The purpose of the roundtable meeting is to obtain feedback on the provisions of the ITC, which was issued on May 10, 2017. The document addresses potential improvements to the usability of the GAAP Taxonomy and to the processes that support taxonomy-related activities. The FASB also is interested in hearing other suggestions that could help improve the efficiency and effectiveness of the GAAP Taxonomy.
To ensure that the dialogue includes a broad perspective, the FASB seeks participants for the meeting that represent a wide spectrum of stakeholders interested in structured digital reporting, including financial statement users, data aggregators, auditors, XBRL software vendors and service providers, preparers, and others.
Those who have not yet submitted a comment letter and wish to participate in the session are asked to submit written comments. All participants must register online by June 27, 2017. Nonparticipating observers also should register in advance (seating is available on a first-come, first-served basis).
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.