What is US GAAP taxonomy?

What is US GAAP taxonomy?

The US GAAP Taxonomy refers to the collection of eXtensible Business Reporting (XBRL) tags used by companies for labeling the financial data that makes up financial reports and other allied disclosure statements. The US GAAP taxonomy delineates the concepts existing within a group.

What is standard taxonomy?

Login. Home > The Standard > What > Taxonomies. Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. They define the specific tags that are used for individual items of data (such as “net profit”), their attributes and their interrelationships.

What is FASB taxonomy?

Public Review and Comment. The Development US GAAP Financial Reporting Taxonomy (Development Taxonomy) is the FASB’s day-to-day working taxonomy and includes proposed improvements since the last annual release. We have included guidance for using the taxonomy viewer/commenting tool.

What is SEC taxonomy?

The 2021 SEC Reporting Taxonomy (SRT) includes elements to meet U.S. Securities and Exchange Commission (SEC) requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities.

WHO declares what GAAP is in the US?

Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC). The SEC has the authority to both set and enforce accounting standards.

How do I use XBRL taxonomy?

You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.

  1. Choose the.
  2. On the XBRL Taxonomies page, select a taxonomy from the list.
  3. Choose the Lines action.
  4. Select a line and fill in the fields.
  5. To read detailed information about what to fill in, choose the Information action.

What is the purpose of a taxonomy?

The purpose of taxonomy is to categorize organisms based on their common characteristics and descent. The main aim of taxonomy is to identify, characterise, classify and give specific names to all the living organisms according to their characteristics.

Is GAAP still used in US?

Its accounting standards are no different; to date, it continues to use its own Generally Accepted Accounting Principles and have yet to converge to the International Financial Reporting Standards (“IFRS”) as set by the International Accounting Standards Board.