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FASB, SEC offer new insights on XBRL

Tammy Whitehouse | February 19, 2016

The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL.

FASB provides a worksheet that contains the new elements that are available for companies opting to apply the new accounting rule before it is required. The elements are available for use, but must be created as extensions, or custom tags, until the Securities and Exchange Commission gives its final blessing to the 2017 GAAP Taxonomy, FASB says.

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