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FASB Releases Proposed GAAP Taxonomy for 2013

The Financial Accounting Standards Board on August 30 released its proposed up

The Financial Accounting Standards Board on August 30 released its proposed updates for the U.S. generally accepted accounting principles taxonomy for 2013. The public is invited to review the proposals and submit comments by October 29.

According to an analysis of the taxonomy from Compliance Week, the FASB is cleaning out some of the outdated references that have been replaced by the Accounting Standards Codification, along with certain references that don't fall under U.S. generally accepted accounting principles and are no longer maintained. The board also plans to remodel certain aspects of the taxonomy, including areas specific to the insurance profession and disclosures for unrecognized deferred taxes.

The taxonomy contains thousands of computer-readable tags coded in XBRL, which stands for extensible business reporting language. The computer code is used to help preparers more accurately tag their financial information, making it easier for users to search for and process data for investor analysis.

The FASB currently has several proposals available for comment in addition to the new taxonomy. Comments on new standards pertaining to liabilities, not-for-profit entities and financial instruments are due this quarter, while comments concerning the presentation of financial statements, comprehensive income and a decision-making framework for private companies are due throughout October.