2017 GAAP Financial Reporting Taxonomy Released
The Financial Accounting Standards Board (“FASB”) announced last month that the 2017 GAAP Financial Reporting Taxonomy is now available. The 2017 GAAP Taxonomy features accounting standards updates and various improvements to the Taxonomy in practice by Securities and Exchange Commission issuers.
The GAAP Financial Reporting Taxonomy lists computer-readable tags in eXtensible Business Reporting Language (XBRL), allowing companies to tag financial data included in long-form financial statements and footnote disclosures. The tags help computers automatically search for, collect, and process data to be accessed and evaluated.