FASB Releases Proposed 2017 GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board (FASB) has released the proposed 2017 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2016.

The proposed 2017 Taxonomy contains updates for accounting standards and other recommended improvements. The Taxonomy 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 2017 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webinar called IN FOCUS: 2017 GAAP Financial Reporting Taxonomy Changes and SEC Update. Offered free of charge, the webinar takes place on Tuesday, October, 4, 2016, 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.