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FASB asks for ideas to make GAAP Taxonomy easier to use

Tammy Whitehouse | May 17, 2017

Companies that have struggled with navigating the U.S. GAAP Financial Reporting Taxonomy to complete their XBRL filings will want to weigh in on the effort at the Financial Accounting Standards Board to make the taxonomy more useable.

The FASB issued an “invitation to comment” asking for input on how to assess the efficiency and effectiveness of the U.S. GAAP taxonomy. The board is looking for ideas specifically around how to make the taxonomy more usable and how to improve the processes that are involved in updating and improving the taxonomy over time.

The GAAP taxonomy is a kind of dictionary companies follow to select tags for each piece of information in their financial statements. That...

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