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SEC approves 2017 GAAP Taxonomy for use in XBRL filings

Tammy Whitehouse | March 15, 2017

The Securities and Exchange Commission has given its final approval to the 2017 GAAP Financial Reporting Taxonomy that public companies will use to prepare their XBRL financial statement exhibits.

The Financial Accounting Standards Board updated the GAAP taxonomy for use in filing 2017 financial statements via XBRL to reflect changes in accounting standards and other improvements meant to make it more user-friendly. The FASB also released nearly a dozen implementation guides that help explain use of the taxonomy in some specific areas of accounting.

The implementation guides address, for example, how to use the taxonomy in tagging items in financial statements associated with disposal groups and discontinued operations,...

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