Taxonomy updates for both U.S. GAAP and IFRS are moving closer to mpletion. The Financial Acunting Standards Board has made available the 2012 GAAP Taxonomy that is awaiting approval at the Securities and Exchange mission. At about the same time, the IFRS Foundation has published a draft of its 2012 IFRS Taxonomy for public review and mment.

FASB published the 2012 GAAP Taxonomy in draft form in the fall to allow users to study it and provide feedback. Through the drafting process and the subsequent feedback and revision process, the taxonomy has been updated to reflect changes in acunting standards, but also to enhance various elements and definitions and to make technical rrections. The goal is to promote more nsistent use of the Taxonomy to produce XBRL filings that are more mparable across all reporting entities.

Although the FASB has published the 2012 GAAP Taxonomy , it is not yet officially available for use. The SEC must give final approval to the Taxonomy before it can be used to produce XBRL filings. Still, FASB published the taxonomy in its nearly final form to give users an opportunity to get familiar with it before they must put it to work. The SEC has enuraged mpanies to get familiar with newer taxonomies as it will eventually begin cycling older taxonomies off of its web, making them no longer aepted for use in XBRL filings.

For IFRS, the IFRS Foundation has published for mment an exposure draft of its 2012 IFRS Taxonomy to update it for changes in acunting standards and to nsolidate various interim releases published in 2011. The draft IFRS taxonomy does not include formula, as that will be released separately when the final IFRS taxonomy is released, acrding to the IFRS Foundation.

The draft IFRS taxonomy reflects changes the Foundation made in 2011 to reflect not only the international acunting standards, but also mmon practice extensions that the foundation observed when studying approximately 200 IFRS financial statements to study extension. By also creating tags for mmon practice items, the IFRS Foundation hopes to rce the need for preparers to customize the taxonomy to fit their individual business circumstances, which ultimately is intended to enhance mparability.

The draft 2012 IFRS taxonomy is available for mment through March 17, 2012.