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Accounting & Audit

SEC Adopts 2015 GAAP Financial Reporting Taxonomy

The U.S. Securities and Exchange Commission (SEC) has adopted the 2015 GAAP Financial Reporting Taxonomy, the agency reported on Monday. The 2015 GAAP Taxonomy is available online.

The U.S. Securities and Exchange Commission (SEC) has adopted the 2015 GAAP Financial Reporting Taxonomy, the agency reported on Monday. The 2015 GAAP Taxonomy is available here.

The staff of the Financial Accounting Standards Board is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC.  The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

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, journalists, and regulators.

Questions about using this Taxonomy for creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC. The SEC contact details and guidance are available at the SEC’s portal on XBRL.

In early 2010, the Financial Accounting Foundation (FAF), parent organization to the FASB, assumed maintenance responsibilities for the Taxonomy. The FAF and the FASB, assembled a team of technical staff dedicated to updating the Taxonomy for changes in GAAP, identifying best practices in Taxonomy extensions, and technical enhancements.

Those interested in learning more about the 2015 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast called IN FOCUS: 2015 GAAP Financial Reporting Taxonomy, Changes and Beyond, Taxonomy Implementation Guides, and SEC Update. Offered free of charge, the webcast takes place on Thursday, April 2, 2015, from 1:00 to 2:15 p.m. Eastern Daylight Time. 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.