Items tagged with "FASB"

Focus on decrease (cut) costs concept. Businessman with magnifying glass enlarge word costs. Graph with decreasing costs on background.

XBRL Data Helps Close Off Balance Sheet Accounting Hole

FASB used SEC XBRL data from 2014 to identify over USD $1 trillion in undiscounted lease obligations that were being reported in footnotes. Read about the resulting guidance.

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A look ahead from the FASB

We like to keep you abreast of developments at the major accounting standards bodies. To that end, the Financial Accounting Standards Board (FASB), which sets accounting standards in the US and is responsible for the US GAAP Taxonomy, has released its outlook for 2016, including results of a stakeholder survey on its future agenda. One […]

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Taxonomy - Featured

Comment on the 2016 US GAAP Taxonomy

The 2016 DRAFT US GAAP Taxonomy is available for comment. Deadline is 31 October.

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2015 US GAAP Taxonomy Released

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 […]

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New CET Working Group at XBRL US

A new XBRL US Working Group covering the Construction, Energy and Transportation (CET) industries, is working on the untapped potential for XBRL’s use in the private sector. The working group will spearhead the extension of the US GAAP Taxonomy to cover the processing of surety bonds, which provide financial guarantees to a project’s owner that […]

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FASB Financial Disclosures Forum

1st December, 2014

The Financial Accounting Standards Board (FASB) will hold a forum to discuss financial disclosures on December 1, 2014. Pace University will be hosting the event at the Schimmel Center in New York City. The forum is designed to provide an opportunity to engage in a constructive dialogue regarding the current state of financial disclosure and […]

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Financial report

2015 US GAAP Taxonomy Available for Public Review

The US Financial Accounting Standards Board (FASB) has released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2014.

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FASB Adds Additional XBRL Implementation Guides

The FASB has added three additional implementation guides to its XBRL Series: Insurance – Concentration of Credit Risk Disclosures; Insurance – Reinsurance Related Disclosures; and Segment Reporting. The guides are designed to help users of the U.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy. All guides are available at www.fasb.org.   http://www.istockphoto.com/photo/business-team-drawing-a-new-project-38668322?st=2321bff

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