Media Advisory 03-01-11
MEDIA ADVISORY 03/01/11
2011 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC Effective February 28, 2011Norwalk, CT, March 1, 2011—The Financial Accounting Foundation (FAF) today announced that the U.S. Securities and Exchange Commission (SEC) has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC.
The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official taxonomy previously in use by SEC issuers.
The complete U.S. GAAP 2011 taxonomy is available here.
Questions about using this taxonomy for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
The U.S. GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.
The 2009 taxonomy currently in use by SEC issuers was developed by XBRL US, Inc., an independent non-profit organization with research, development, and education programs facilitating the widespread adoption of XBRL in the United States for tagging business reports across all business domains to aid investors and other users. The Financial Accounting Standards Board (FASB) staff provided technical accounting standards support to XBRL US, Inc. during the development of the 2009 taxonomy. In early 2010, the FAF assumed maintenance responsibilities for the taxonomy, and, along with the FASB, assembled a team of technical staff dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.