Tuesday, January 18, 2011

XBRL Update: FAF Publishes 2011 U.S. GAAP Taxonomy, Pending SEC Acceptance; IFRS Foundation Releases 2011 IFRS Taxonomy for Comment

Earlier today (January 18), the Financial Accounting Foundation announced that the 2011 U.S. GAAP Financial Reporting Taxonomy, applicable to filings in eXtensible Business Reporting Language (XBRL), was available.

The FAF's press release provides a link to the 2011 taxonomy, notes that the taxonomy is pending final acceptance by the SEC, and provides SEC contact information regarding the Commission's XBRL reporting requirements.

Additionally, the FAF notes:
The FAF is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC.

The 2011 U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the 2009 taxonomy currently used by SEC issuers.
FAF issued proposed improvements to the taxonomy in the fall, allowing users of the taxonomy to provide feedback on the updates and to provide SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and incorporate new element names for their filings.

Separately, the International Financial Reporting Standards Foundation released for public comment an Exposure Draft of its proposed 2011 IFRS Taxonomy.

As noted in the IFRS Foundation's press release, an interactive webcast on the proposed 2011 taxonomy will be held on January 27, and the comment deadline on the proposal is March 18.

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1 comment:

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