Every year, FASB releases a new version of the US GAAP XBRL taxonomy. Depending on the individual filer, adopting this new taxonomy can be easy or potentially require a fair amount of work. While FASB does have release notes for the taxonomy, there is little guidance on how to adopt the new changes. In this blog, we will be going over what can change in a taxonomy update, how to identify those changes, and how to determine what, if anything, needs to be done to your filing to incorporate the changes.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.