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2014 GAAP Taxonomy Contains Far Fewer Changes

Tammy Whitehouse | August 30, 2013

The proposed 2014 U.S. GAAP Taxonomy is available for inspection, and preparers might be happy to note it contains far fewer changes compared with earlier proposals.

The Taxonomy, which companies use to complete their XBRL filings, is updated annually for changes in accounting standards, but it's also modified to make improvements as preparers and other users get more familiar with it over time. In its earliest years, the Taxonomy went through considerable changes in elements and definitions to make them clearer and assure they reflected how users were actually using the taxonomy.

“The first three releases were focused on a fair amount of cleanup that needed to be done to address common reporting practices,” says Louis Matherne, chief of Taxonomy development for FASB. The learning curve of those early years now appears to be history. “At the beginning...

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