On August 29, 2014, the Financial Accounting Standards Board (FASB) released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment.
The taxonomy consists of computer-readable reporting labels coded in eXtensible Business Reporting Language (XBRL) that allow companies to tag financial data included in financial statements and footnote disclosures. The purpose of the taxonomy is to provide an efficient means for investors, analysts, regulators, and other financial statement users to search for and analyze data. Further, the intent is to increase standardization amongst companies within the same industry for improved comparability and benchmarking.
This MHM Messenger answers some frequently asked questions regarding the proposed taxonomy.