The Securities and Exchange Commission charged the Financial Accounting Foundation with overseeing ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in XBRL, its new data-tagging format. The FAF oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board. "The FASB team assigned to taxonomy maintenance will work closely with the SEC, investors, issuers, accounting firms and other stakeholders to develop updates that are of the highest quality," said FAF Chairman Jack Brennan.

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