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2016 GAAP Taxonomy Ready for Use, Pending SEC Approval

Tammy Whitehouse | December 21, 2015

The Financial Accounting Standards Board has released its final update of the 2016 GAAP Financial Reporting Taxonomy, pending acceptance by the Securities and Exchange Commission, to allow public companies to prepare to use it to complete their XBRL filings.

The GAAP taxonomy is a list of computer-readable tags in the XBRL format that allow companies to tag precisely the individual pieces of data in their financial statements and footnotes, enabling investors and other users of financial statements to more easily access and analyze such data. The SEC typically finalizes FASB’s taxonomy updates early in the new year, giving time for the earliest filers to rely on it.

FASB’s annual update exercise is meant to assure the...

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