The SEC has adopted the 2012 non-governmental U.S. GAAP Financial Reporting Taxonomy
. FAF and FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC.
The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.
The U.S. GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to tag the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble and process data so it can be readily accessed and analyzed by investors, analysts, journalists and regulators.