SEC Adopts 2012 U.S. GAAP Financial Reporting Taxonomy
FASB announced that the SEC has adopted the 2012 non-governmental U.S. GAAP Financial Reporting Taxonomy. The 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 Financial Accounting Foundation and FASB are 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.