The Securities and Exchange Commission has given its final approval to the 2015 GAAP Financial Reporting Taxonomy, clearing the way for companies to rely on it as the earliest 2015 filers approach their financial statement filing dates.
FASB revises the GAAP Taxonomy annually to update it for new accounting standards and to try to make it more useful and easier to navigate. The SEC must approve the Taxonomy, however, before companies are allowed to rely on it to submit their financial statements via XBRL.
