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FASB

Overview​

FASB​

The FASB, or Financial Accounting Standards Board, is responsible for developing the US GAAP Financial Reporting Taxonomy, which is used by companies to prepare and submit financial statements in XBRL format. This is available and used globally, depending on the country's stated standards.

In the United States, the Securities and Exchange Commission (SEC) has required financial statements to be submitted in XBRL format starting in 2009 with publicly traded companies that are large accelerated filers (those with a public float of over $5 billion), moving to accelerated filers (companies with a public float between $75 million and $5 billion) in mid-2010, and then a full rollout by 2011.

XBRL​

XBRL (eXtensible Business Reporting Language) is a standard for tagging and structuring financial data in a way that makes it machine-readable.

  • It allows companies to tag each line item in their financial statements (e.g., revenue, expenses) with standardized labels, making the data easier to analyze and compare.
  • This structured format helps regulators, investors, and analysts quickly access and extract key financial information from reports.
  • XBRL ensures consistency and transparency across financial filings, such as annual reports and quarterly filings.

It’s widely used by public companies to meet regulatory requirements, including the SEC’s mandate for digital financial reporting.

Key Attributes​

Release Frequency​

The FASB releases updates to the US GAAP Financial Reporting Taxonomy annually. These updates typically align with the changes in US GAAP accounting standards and reflect new or modified financial reporting requirements. The updated taxonomy incorporates changes from new Accounting Standards Updates (ASUs) issued by the FASB over the prior year, as well as improvements based on public feedback, industry practices, and other technical corrections.

Release Timing​

The release of the new taxonomy usually occurs in the fall or early winter of each year. A draft version for public review is often released in late summer or early fall, followed by the final version later in the year or early the next year.

Cybersyn Products​

Tables above are available in the following Cybersyn data product:

Disclaimers​

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