The FASB has launched a new system that provides greater transparency for users of XBRL and makes it easier for stakeholders to submit ments on the US GAAP Financial Reporting Taxonomy. The Taxonomy Online Review and ment 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 ments on a “snapshot” of the Development Taxonomy, with ments reviewed and instituted after a 60-day ment period. The new Taxonomy Online Review and ment System allows them to submit their ments directly, increasing nvenience and ease of use. All ments 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 to efficiently find the tags that best meet the SEC’s filer requirements.

For further details, please see the Taxonomy Development page.