The Financial Accounting Standards Board and its overseer, the Financial Accounting Foundation, are forming a team to take over responsibility for managing XBRL taxonomies for U.S. financial reporting purposes.
XBRL (eXtensible Business Reporting Language) is a technical language for communicating business information electronically. Taxonomies represent the dictionary for the language, mapping bits of information based on reporting standards to their proper destination. The taxonomy for U.S. Generally Accepted Accounting Principles is a list of computer-readable tags in XBRL that allows companies to label precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.
