Norwalk, CT, August 30, 2012—The Financial Aounting Standards Board (FASB) today released the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and ment. The deadline to submit written ments is October 29, 2012.

The taxonomy is a list of puter-readable financial reporting labels ded in XBRL, an open-source puter language that allows panies 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 2013 U.S. GAAP Financial Reporting Taxonomy ntains updates for aounting standards and other remended improvements to the official taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange mission (SEC). The 60-day ment 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 bee familiar with and suggest revisions to the taxonomy, including inrporating new elements for current filings. 

The 2013 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2013.

The proposed 2013 U.S. GAAP taxonomy and instructions on how to submit ments 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 pliance with SEC rules should be directed to the SEC. SEC ntact details and guidance are available at theSEC’s portal on XBRL.

In early 2010, the Financial Aounting Foundation (FAF), parent anization to the FASB and the ernmental Aounting 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.