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FASB Explains Changes to 2016 GAAP Taxonomy

Tammy Whitehouse | September 2, 2015

The proposed 2016 GAAP Taxonomy contains changes preparers will want to review before the Financial Accounting Standards Board finalizes it and sends it to the Securities and Exchange Commission for approval.

The proposed update to the GAAP taxonomy, which companies will follow to complete their XBRL filings with the SEC, contains the usual annual revisions as a result of changes in accounting standards, FASB says in its release notes explaining the changes. This year’s update reflects changes in accounting rules around simplifying the income statement and the presentation of debt issuance costs, consolidation analysis,...

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