The Financial Accounting Standards Board (FASB) has released their recommended 2016 GAAP Financial Reporting Taxonomy for public review and comment. The proposed 2016 taxonomy encompasses updates for accounting standards and other suggested improvements to the official XBRL (Extensible Business Reporting Language) taxonomy. Issuers use this data language to file their financial statements.
Most notable is the emphasis on simplification of taxonomies including the “retiring” of many under-used and mis-used elements. FASB generated this graph to illustrate the taxonomies’ evolution.
This fine-tuning of the taxonomies is also a key element of the XBRL US Center for Data Quality, which Vintage is a founding member.
For details of the 2016 recommendations, read the FASB release notes here.
XBRL XTION ITEMS:
- The deadline to submit written comments on the proposed 2016 GAAP Taxonomy is Oct. 31, 2015. Instruction on how to submit comments is available at FASB’s XBRL page.
- WEBINAR on XBRL quality, today at 3:00 ET. Learn more here.
- WEBINAR on the 2016 GAAP Financial Reporting Taxonomy on September 22 at 1:00 ET. Learn more here.
Once the 2016 recommendations are accepted by the SEC, Vintage XBRL Managers will work closely with clients to assure a spot-on transition.