Last week the Financial Accounting Standards Board (FASB) issued its proposed 2013 U.S. GAAP Financial Reporting Taxonomy, which updates accounting standards and makes other improvements to the official taxonomy that public issuers use when registering with the SEC.
The proposed taxonomy provides “a list of computer-readable financial reporting labels coded in XBRL, an open-source computer language that allows companies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures,” says the FASB release. The tags will allow users of financial statements to electronically search for, assemble, and process data for access and analysis by investors, analysts, journalists, and regulators.
The proposal is subject to a 60-day comment period, in which the FASB hopes to hear from potential users as well as “SEC filers, service providers, software vendors, and other interested parties” who can use the time to become familiar with and suggest further revisions, including incorporating new elements for current filings. Comments are due by Oct. 29, 2012.
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