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FASB Releases Draft of 2015 GAAP Taxonomy

Tammy Whitehouse | September 2, 2014

The Financial Accounting Standards Board has released for public review and comment its proposed 2015 GAAP Financial Reporting Taxonomy.

The draft 2015 Taxonomy contains updates for accounting standards that have been adopted by FASB since the 2014 release, plus other improvements that have been recommended throughout the past year. Companies use the Taxonomy to tag financial statements elements in XBRL, the interactive filing system through which public companies submit their quarterly and annual financial statement data to the Securities and Exchange Commission. The draft Taxonomy is open for review and public comment through Oct. 31.

FASB has issued 15 separate Accounting Standards Updates in 2014, most notably a...

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