FASB has released the proposed 2017 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is Oct. 31, 2016.

The proposed 2017 Taxonomy contains updates for accounting standards and other recommended improvements. The Taxonomy is used by public issuers registered with the SEC. The 60-day comment period is intended to allow users of the Taxonomy to provide feedback on these updates. It also is intended to afford SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomy, including incorporating new elements for current filings. 

Those interested in learning more about the proposed 2017 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webinar called IN FOCUS: 2017 GAAP Financial Reporting Taxonomy Changes and SEC Update. Offered free of charge, the webinar takes place on Oct., 4, 2016, from 1:00 to 2:15pm Eastern Time. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Note: CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.

The 2017 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2017. The proposed 2017 GAAP Taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page.

Questions about using the Taxonomy for creating and submitting 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.


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