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2015 US GAAP Taxonomy Released

Posted on December 18, 2014 by Dave Nitchman

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FASB has released the 2015 US GAAP Financial Reporting Taxonomy (Pending SEC Acceptance). Major changes were confined to those related to Accounting Standard Updates, and input from the Insurance Industry Resource Group to remove redundancies. The increase in deprecated elements in comparison to the 2014 Taxonomy is the result of a review to reduce unused and redundant elements and Dimensions were added to provide for disclosure by type of guarantee and type of benefit for guaranteed benefit obligations. FASB also continued its effort to simplify the taxonomy by removing unused items in order to reduce the size of the Taxonomy overall. This should assist in locating appropriate elements and reduce the number of extensions that exist in US filings.

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