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Taxonomy changes focus on helping consumers interpret data

Tammy Whitehouse | September 6, 2016

The 2017 U.S. GAAP Financial Reporting Taxonomy as proposed by the Financial Accounting Standards Board contains some changes that are meant to address concerns raised by users of XBRL-tagged financial statement data.

FASB is looking for feedback on its annual GAAP Taxonomy update, which is now open for public review, to assure the changes it has introduced will do what FASB intends. The board updates the GAAP Taxonomy each year to reflect changes in accounting standards, but also to continue to work out kinks and to make it easier to use. The ongoing objective is to continue to improve the quality of financial data filed through XBRL by eliminating complexities, redundancies, or inconsistencies to the extent possible to promote more consistent application of the Taxonomy to XBRL filings.

Changes from the 2016 to the 2017...

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