The Financial Accounting Standards Board will soon publish its proposed 2014 GAAP Taxonomy to give companies a preview of what they will use in the coming year for filing financial statements in XBRL.
The proposed taxonomy is scheduled to be published on Aug. 30, says FASB. It will include changes for updates to accounting standards in the past year as well as a revised calculation hierarchy, which demonstrates mathematical relationships between various elements of the Taxonomy. FASB is planning a webcast for Sept. 10 to explain the changes to the Taxonomy as well as the board’s growing series of XBRL Implementation Guides. Staff of the Securities and Exchange Commission also will be on hand to address current XBRL filing issues, FASB says.
