Efficiency, effectiveness of GAAP financial reporting taxonomy.

• Position: FASB Invitation to Comment:

FASB staff issued an Invitation to Comment to allow it to assess the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy.

The invitation, U.S. GAAP Financial Reporting Taxonomy-Efficiency and Effectiveness Review, addresses potential improvements to the usability of the GAAP taxonomy and to the processes that support taxonomy-related activities.

The GAAP taxonomy is a list of computer-readable tags in extensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are...