FASB releases proposed 2017 GAAP taxonomy

FASB issued its proposed 2017 GAAP Financial Reporting Taxonomy on Thursday for public comment.

Public companies registered with the SEC use the GAAP taxonomy, which is a list of computer-readable tags in extensible business reporting language (XBRL). The taxonomy allows companies to tag the thousands of pieces of financial data that are included in financial statements and footnotes.

The proposed taxonomy for 2017 includes updates for accounting standards and other improvements that have been recommended. Comments on the taxonomy can be submitted at FASB’s website through Oct. 31, and the SEC is expected to accept the 2017 taxonomy as final in early 2017.