The Securities and Exchange Commission has given final approval for the 2015 XBRL taxonomy for U.S. GAAP, according to Compliance Week, allowing entities to use the updated version in their latest round of filings. XBRL, short for eXtensibe Business Reporting Language, is a tagging system that allows for computerized indexing and searching of financial information, among many other things. The Financial Accounting Standards Board (FASB) updates the taxonomy annually to account for new standards and other changes, changes that the SEC must ultimately approve, said Compliance Week.