Financial Accounting Standards Board (FASB) released the proposed 2015 GAAP Financial Reporting Taxonomy (FRT) on August 29, 2014. It was open for public review and comment for the requisite 60-day period till October 31, 2014.
Every year, FASB comes up with a new US GAAP Taxonomy which includes the following types of changes:
- New Element
- Modified References
- Modified Documentation Label (which includes the original text for review purposes)
- Modified Standard, Period Start, Period End, or Total Labels
- Elements Deprecated
- Modified Deprecated Label
- Modified Deprecated Date
The changes to XBRL elements contained in the US GAAP Taxonomy may result from Accounting Standards Updates (ASUs) that amend the FASB Accounting Standards Codification® (ASC). These changes will not be included in the developed taxonomy or approved US GAAP Taxonomy until they become effective. The proposed 2015 US GAAP Financial Reporting Taxonomy contains the updates for accounting standards and other recommended improvements to the official taxonomy, which is used by the public issuers registered with the U.S. Securities and Exchange Commission. The proposed 2015 US Financial Reporting Taxonomy was out for review and intended to allow the users of the taxonomy to provide feedback on these updates. It also intended to familiarize the SEC Filers, service providers, software vendors and other related parties with the proposed taxonomy in order to include custom made elements consistent with proposed taxonomy in their current fillings.
The proposed 2015 US Financial Reporting Taxonomy has changes as mentioned below:
As the formal comment period on the proposed Taxonomy has ended, the 2015 proposed US GAAP Financial Reporting Taxonomy and related supporting guidance are available on the FASB’s website at: http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176164335312
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