The Securities and Exchange Commission has approved the 2014 GAAP Taxonomy, giving companies the green light to rely on it for preparing their next XBRL submission.
The SEC included the 2014 GAAP Taxonomy in its latest EDGAR Release, indicating it has been accepted as presented by the Financial Accounting Standards Board following its annual revision and update. FASB updates the Taxonomy every year based on user experiences and changes to accounting standards.
