2016 GAAP Financial Reporting Taxonomy Open for Comment and Review

The Financial Accounting Standards Board (FASB) today released the proposed 2016 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2015.

The proposed 2016 Taxonomy contains updates for accounting standards and other recommended improvements to the official Taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange Commission (SEC). The 60-day comment period is intended to allow users of the Taxonomy to provide feedback on these updates. It also is intended to afford SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomy, including incorporating new elements for current filings.

Those interested in learning more about the proposed 2016 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webinar called IN FOCUS: Proposed 2016 GAAP Financial Reporting Taxonomy Changes, Simplification, Filer Counts, and Context Sensitive Guidance. Offered free of charge, the webinar takes place on Tuesday, September 22, 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.

The 2016 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2016. The proposed 2016 GAAP Taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page.

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