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Items tagged with "FASB"

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FASB asks for ideas to make GAAP taxonomy easier to use

As we mentioned last week, the FASB has issued an invitation to comment asking for input on ways to assess the efficiency and effectiveness of the US GAAP taxonomy. FASB’s invitation to comment provides detailed background and technical questions focused on how to make the taxonomy easier for users to navigate and how to improve […]

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US GAAP Taxonomy Under The Microscope

The US accounting standards setter, FASB, is seeking comments on the efficiency and effectiveness of the US GAAP taxonomy. With the FASB’s international counterpart, the IASB, having moved over the last year or so to more tightly integrate the process for the development and maintenance of its accounting standards with the concurrent development, maintenance and […]

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SEC adopts new taxonomies

It’s clearly a big week for taxonomy updates, with the US SEC also announcing that its EDGAR system has been updated to accept filings that conform to the 2017 US GAAP taxonomy that was published by the FASB in December. A number of other, more minor changes were made at the same time, as well […]

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CFA Institute: “Simplifying” Small Public Company Reporting Requirements Will Make it Harder to Invest in them

Allowing small US public companies to use “simplified” reporting standards available to private companies will make analysing and therefore investing in those firms harder…

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FASB Releases Proposed 2017 GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board (FASB) is seeking public review and comment on its proposed 2017 GAAP Financial Reporting Taxonomy. The deadline to submit written comments is 31 October 2016.

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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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