February 2010

SEC delegates GAAP maintenance to FAF

From WebCPA.com.

The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.

The FAF, which oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, now has the job of upkeep of the GAAP data tags using Extensible Business Reporting Language, or XBRL, technology. The FAF and FASB plan to assemble a small team of technical staff who will be dedicated to maintaining the taxonomy and will work towards the release of the next taxonomy update in early 2011.

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