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XBRL US releases second draft of the US GAAP Taxonomies and Preparers Guide as Public Review continues
On February 11, XBRL US posted the second draft release of the XBRL US taxonomies for US GAAP and common reporting practices which were developed under a contract with the Securities and Exchange Commission. The XBRL US GAAP Taxonomies were first published for public review on December 5, 2007 and the second release incorporates comments received to January 18, 2008. Hundreds of comments have been received; most of the comments were requests to add new elements and change labels or definitions. A second draft of the Preparers Guide was also posted on the Public Review site and one additional working draft of the Guide will be released next month. The taxonomies and Preparers Guide on how to use them are currently available for public comment through April 4, 2008 at http://usgaap.xbrl.us
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Al Berkeley named Chairman of the 2008 XBRL US Board
Al Berkeley, CEO and Chairman, Pipeline Financial Trading LLC, will lead the XBRL US Board of Directors in 2008. Prior to joining Pipeline Financial Trading, Mr. Berkeley was President and then Vice Chair of The NASDAQ Stock Market, Inc. and brings 30 years of experience in the financial industry in securities analysis and investment banking. Mr. Berkeley also served on the XBRL US interim board in 2007. Read the news release outlining the announcement.
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Public Review workshop and webinar series continues, more free programs coming up
To aid in the Public Review process, XBRL US is conducting a series of free workshops and webinars that provide education on XBRL, demonstrate how to create an XBRL -formatted document and walk participants through the Public Review process. Over 900 individuals have participated in the webinars to date. The series will be ongoing over the next few months with the next 1 ½ long programs to be held February 19 and February 20. Programs emphasize how to create your own XBRL-formatted financials to participate in the SEC Voluntary Filing Program along with case studies from actual filers and SEC representatives who give an overview of their program. Use the "Read more" link to see the schedule and register.
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New case study will examine impact of XBRL
XBRL US has initiated the development of a case study that will demonstrate the implications of applying XBRL to external reporting and related consumption and analysis. The case study will provide a "before" and "after" snapshot, first looking at existing experiences from preparer through to investor consumption, and then examining the impact that the use of XBRL has on those same preparation and consumption processes. Companies who will participate in the case study include Comcast, 3M Corporation and EDGAR Online.
SEC Advisory Committee on Improvements to Financial Reporting publishes Progress Report
On February 11, the Advisory Committee on Improvements to Financial Reporting (CIFR) met and issued a Progress Report representing their work to date. The Progress Report reiterated their recommendation made one month ago (January 11, 2008) that XBRL be mandated for public company submissions to EDGAR, following a phased-in approach and subject to certain preconditions. To read the full section on XBRL, see pages 77 - 87.
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