The FASB recently launched a new system that provides greater transparency for users of eXtensible Business Reporting Language (XBRL), and makes it easier for stakeholders to submit comments on the US GAAP Financial Reporting Taxonomy.
The Taxonomy Online Review and Comment System allows Taxonomy users to review and provide direct input on the Development Taxonomy being updated and maintained by the
FASB XBRL team.
Previously, stakeholders would submit their comments on a "snapshot" of the Development Taxonomy, with comments reviewed and instituted after a 60-day comment period. The new Taxonomy Online Review and Comment System allows them to submit their comments directly, increasing convenience and ease of use. All comments are then tracked and reviewed for potential inclusion in a subsequent Taxonomy release. Since the new system is operational throughout the year, users now have the ability to see the Taxonomy as it evolves and changes in "real time". It also offers new search and navigation functions designed efficiently to find the tags that best meet the SEC's filer requirements.
Press release
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