FASB Seeking Comments on Effectiveness of GAAP Taxonomy
May 10, 2017
The Financial Accounting Standards Board (FASB) staff today issued an Invitation to Comment (ITC) designed to allow it to assess the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy (GAAP Taxonomy).
The ITC, U.S. GAAP Financial Reporting Taxonomy—Efficiency and Effectiveness Review, addresses potential improvements to the usability of the GAAP Taxonomy and to the processes that support taxonomy-related activities. It is intended to obtain feedback from stakeholders at an early stage in the Board’s review of the GAAP Taxonomy. Interested parties are asked to provide input on the ITC by June 15, 2017.
A public roundtable meeting to discuss feedback received on the ITC is scheduled for July 18, 2017. Individuals or organizations wishing to participate in the roundtable meeting should notify the FASB by email at email@example.com and submit their comments by June 15, 2017. Additional information is available in the document.
The FASB staff is responsible for the ongoing development and maintenance of the GAAP Taxonomy, which is applicable to public issuers registered with the SEC. Each year, the GAAP Taxonomy is updated to reflect new Accounting Standards Updates and other enhancements.
The GAAP 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.