2013 U.S. GAAP Financial Reporting Taxonomy Now Available

August 30, 2012—The Financial Accounting Standards Board (FASB) today released the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 29, 2012.

*Please note* XII administers a taxonomy recognition process. Acknowledged and Approved taxonomies from XII are listed on the XII web site and information related to the program is available at http://www.xbrl.org/TaxonomyRecognition.

The proposed 2013 U.S. GAAP Financial Reporting 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 solicit feedback on these updates from users of the taxonomy and to provide SEC filers, service providers, software vendors, and other interested parties with the opportunity to become familiar with and suggest revisions to the taxonomy, including incorporating new elements for current filings.

The 2013 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2013.