The Financial Accounting Standards Board (FASB) will soon publish its proposed 2014 GAAP Taxonomy as a preview of what they will require in the coming year for filing financial statements in XBRL. This information was found on Compliance Week in their article, “FASB Plans 2014 Taxonomy Release, Webcast to Explain.”

The proposed taxonomy will include changes for updates to accounting standards in the past year, as well as a revised calculation hierarchy, which demonstrates mathematical relationships among various elements of the taxonomy.

Building taxonomies that are solid and comprehensive takes professionals with experience in the industry. A very small number of companies, including Access Innovations, can help you generate ANSI/ISO/W3C-compliant taxonomies.

Melody K. Smith

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