The Financial Accounting Standards Board (FASB) has launched a new system that provides greater transparency for users of eXtensible Business Reporting Language (XBRL). The Taxonomy Online Review and Comment System allows taxonomy users to review and provide direct input on the Development Taxonomy being updated and maintained by the FASB XBRL team.

Business Wire brought this to our attention in their article, “FASB Launches New Taxonomy Online Review and Comment System.” This is a huge improvement over stakeholders submitting their comments on a “snapshot” of the Development Taxonomy, with comments reviewed and instituted after a 60-day comment period. The Taxonomy Online Review and Comment System provides users greater visibility into proposed changes and allows users to comment on the taxonomy in real time.

Melody K. Smith

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