New Taxonomy Online Review, Comment System Up at FASB
The Financial Accounting Standards Board (FASB) has made it easier for stakeholders to submit comments on the US GAAP Financial Reporting Taxonomy and users of eXtensible Business Reporting Language (XBRL) to use the system.
The Taxonomy Online Review and Comment System allows Taxonomy users to review and provide direct input on the Development Taxonomy being updated and maintained by the FASB XBRL team, according to FASB.
Prior to the new system, stakeholders were to submit their comments on a “snapshot” of the Development Taxonomy, with comments reviewed and instituted after a 60-day comment period.
With the new Taxonomy Online Review and Comment System, stakeholders can now submit their comments directly, increasing convenience and ease of use. All comments are then tracked and reviewed for potential inclusion in a subsequent Taxonomy release.
Since the new system is operational throughout the year, users now have the ability to see the Taxonomy as it evolves and changes in “real time.” The system also offers new search and navigation functions designed to efficiently find the tags that best meet the SEC’s filer requirements.
J. Louis Matherne, FASB chief of taxonomy development, said: “The Taxonomy Online Review and Comment System provides users greater visibility into proposed Taxonomy changes and allows users to comment on the Taxonomy in ‘real time,’ making it more dynamic for both users and the FASB XBRL team.
“We urge all XBRL users to take advantage of the features available through this system, which is designed to improve functionality and navigation of the Taxonomy.”
FASB will discuss the Taxonomy Online Review and Comment System during the upcoming FASB webcast, IN FOCUS: How to Use the XBRL 2011 US GAAP Financial Reporting Taxonomy, on June 22.
Participants in the live broadcast can avail of a one-hour CPE credit offered free of charge.