NORWALK, nn.--(BUSINESS WIRE)--The Financial Acunting Standards Board (FASB) today released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and mment. The deadline to submit written mments is October 31, 2011.

The taxonomy is a list of mputer-readable financial reporting labels ded in XBRL, an open-source mputer language that allows mpanies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags allow users of financial statements to electronically search for, assemble, and process data so that the data can be readily aessed and analyzed by investors, analysts, journalists, and regulators.

The proposed 2012 U.S. GAAP Financial Reporting Taxonomy ntains updates for acunting standards and other remmended improvements to the official taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange mmission (SEC). The 60-day mment period 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 with the opportunity to beme familiar with and suggest revisions to the taxonomy, including inrporating new elements for current filings.

The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012.

The proposed 2012 U.S. GAAP taxonomy and instructions on how to submit mments are available at the FASB’s XBRL page.

Questions about using this taxonomy for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in mpliance with SEC rules should be directed to the SEC. SEC ntact details and guidance are available at the SEC’s portal on XBRL.

In early 2010, the Financial Acunting Foundation (FAF), parent anization to the FASB and the ernmental Acunting Standards Board, assumed maintenance responsibilities for the taxonomy. The FAF and the FASB assembled a team of technical staff dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.