The proposed 2017 U.S. Financial Reporting Taxonomy (Taxonomy) contains updates for accounting standards and other improvements since the 2016 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC). All interested parties should review and provide feedback on this Proposed 2017 Taxonomy. The 60-day comment period ended October 31, 2016 is intended to solicit feedback on these updates from users of the Taxonomy and to provide SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomy.
The Financial Accounting Standards Board (FASB) held a webcast on October 4 to discuss the 2017 GAAP Financial Reporting Taxonomy Release for recently issued FASB Accounting Standards Updates and other significant changes. In addition, XBRL US has hosted two webinars with FASB, SEC and XBRL International representatives to outline technical changes contemplated in the proposed Taxonomy.
