XBRL US, Inc. is under contract with the Securities and Exchange Commission (SEC) to build-out the US GAAP taxonomies. The XBRL US Project Team will expand the current US GAAP taxonomies, including the primary financial statements and the notes to the financial statements, making them deeper and more robust.

Monthly highlights:

Update

The initial draft of the taxonomies is completed including the primary financial statements and the notes to the financial statements.  The resulting taxonomies are made up of 15,000 elements (financial statement line items and disclosure concepts), versus approximately 2,500 in the previous version[1].  Read the XBRL US press release announcing the completion of the draft taxonomies. 

A release was issued by the SEC:  SEC Chairman Cox Announces Landmark Progress in Providing Instant, User-Friendly Access to Financial Reporting Information for Investors.  Chairman Cox highlighted the important milestone achieved in completing the work to develop data tags for all US generally accepted accounting principles.  Click here for the release:  http://www.sec.gov/news/press/2007/2007-200.htm

The next phase of the project starts with internal testing and a technical evaluation as well as review of the taxonomies by the FAF and the major accounting firms.  Market acceptance testing will follow during which the taxonomies will be distributed to software developers, preparers and analysts for their first look and the opportunity to comment on the taxonomies.  Next, the general public will get a chance to review and provide comments. 

Development of Preparer Guidance was initiated.   The Preparers Guidance will be made available for the public review.  The AICPA is partnering with XBRL US to draft the guidance, bringing their expertise in preparing technical documentation; the content itself is drawn from the XBRL US Project Team and from participants in the SEC Voluntary Filing program. 

XBRL US  external “stakeholder groups” continue to meet regularly to provide input and ensure collaborative development of both the taxonomies and the documentation.

The Software Team (currently comprised of 22 companies, drawn from the XBRL US membership) has been given multiple prototypes of the GAAP taxonomies to allow them to test different features of the taxonomy and to provide comments to XBRL US. 

The SEC VFP Team of 14 companies continues to provide input on elements of the project.  The Team is planning an in-person meeting in early November during which they will receive training on the new taxonomies in preparation for tagging their financials when the first draft is available.   

XBRL US and the CFA Institute’s XBRL Working Group will also hold an in-person meeting in November to provide training on the new taxonomies in preparation for their review and feedback.

The SEC made two XBRL-related announcements this week.  The first, issued on September 20, announced that the combined market cap of the companies submitting interactive data in financial reports to the SEC has surpassed $2 trillion.  The second, released September 21, announced that the SEC has made the source code for their interactive data viewer available for free on its Web site.  The viewer enables investors to analyze companies’ interactive data filings.  Click through for the releases:  $2 Trillion Market Cap (link http://www.sec.gov/news/press/2007/2007-191.htm);  Interactive Data Viewer (link http://www.sec.gov/news/press/2007/2007-194.htm)

The XBRL US webinar series continued with the last two events playing to sold-out audiences.  Case studies from 3M Corporation and Microsoft were presented during the most recent program.   To sign up for one of the free bi-weekly events going forward (next programs scheduled on Oct 9 and Oct 23), email angela.rose@xbrl.us. 

For more information about XBRL or the information in this highlights update, visit us at xbrl.us or contact Michelle Savage, Vice President, Adoption and Communication, XBRL US, 917 747 1714, michelle.savage@xbrl.us