On May 20, 2013, the Financial Accounting Foundation and the Financial Accounting Standards Board issued a press release announcing that the SEC has adopted the 2013 US GAAP Financial Reporting Taxonomy. The taxonomy is a list of computer-readable tags in XBRL that allows companies to accurately tag financial information included in financial statements and related footnotes. The tags allow computers to automatically search for, assemble and process data so it can be readily accessed and analyzed by investors, analysts and regulators.

For more information on XBRL and taxonomies, see Practice Note, XBRL Reporting Requirements: How Does XBRL Work?