Importance and Benefits of GAAP Taxonomy

By | 02/13/2016 | 10:10 pm ET

The GAAP (Generally Accepted Accounting Principles) taxonomy yearly update was recently released, and the SEC is strongly promoting the usage of this recent release. The taxonomy is essentially a combination of both financial and business reporting terms, that has been generally agreed upon. The Taxonomy combined with the required reporting creates XBRL data. The 2016 update like its predecessors is still focused on stability, however the main focus shifted to…

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