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FASB has published Release Notes for the 2012 Taxonomy, available on the FASB website. The Release Notes contain important information, descriptions and justifications for the changes. We suggest reviewing the summaries of changes to the taxonomy to gain additional insight to these changes.
Selecting New Elements: We review changes to the Taxonomy in order to provide the most accurate and up to date usage of the element tags. We also look for changes in the Taxonomy structure that are designed to provide consistency in financial reporting. When an extension element is superseded by an element contained in the 2012 base Taxonomy (the standard US-GAAP Taxonomy) we will use the new element.
Deprecated Elements: When the FASB updates the taxonomy, some elements become deprecated. Deprecated elements are no longer used in filings, but remain in the taxonomy for legacy purposes. Please see the aforementioned Release Notes for more information about deprecated elements. Often the definition of a deprecated element will point to a newer and more accurate element, but this may not always the case.
We check for deprecated elements to make sure they are not used when creating your Instance Document. The FASB has made available on their website (it is available now) a software tool that you can use on your desktop PC to check your previously filed Instance Document for elements that are deprecated in the 2012 taxonomy.
If you uncover elements that are deprecated in the 2012 taxonomy in your previously filed Instance Documents early on, you will have the opportunity to review newer or other elements in the Taxonomy that may be suitable. We use judgment when selecting replacement tags; however you can get an early jump on your review by considering possible alternatives.
FASB Development Taxonomy: The US-GAAP Taxonomy is, in large part, shaped by the filers that use it. By creating a YETI log-on and opening the FASB Development Taxonomy, you can contribute your thoughts and comments regarding taxonomy structure and elements. You can comment on any aspect of an element (ie. definitions), suggest new elements, or point out errors (e.g., an element is a duration when it should be an instant). FASB considers every comment entered into the comment boxes.
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