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XBRL US GAAP Taxonomies finalized and delivered to SEC; over 900 comments received during public review
April 28, 2008 marked the final delivery date for the US GAAP taxonomies. XBRL US turned over the taxonomies, Preparers Guide, sample financial statements in XBRL format, technical information about the taxonomies and case studies to the SEC. The public review period, conducted from December 4, 2007 through April 4, 2008 generated over 900 comments to the taxonomies and Preparers Guide. All comments have been reviewed and incorporated, as appropriate.
XBRL US press release
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Preparers Guide and case studies target public company financials with detailed insights into how to create XBRL-formatted financials and tips on how to get started
The Preparers Guide outlines the process for creating public company financials in XBRL format and includes rules and preferred practices as well as a detailed glossary of terms. Case studies illustrate the process for public company preparers showcasing 3M Company which outsources their XBRL creation and Comcast Corporation, which purchased a software tool and performed the tagging themselves. The case studies also include tips to preparers in how to get started. Case studies featuring Morgan Stanley and Microsoft Corporation are available to illustrate how institutional and individual investors can gain from XBRL data.
Sample instance documents and technical documentation
Preparers Guide (PDF)
Case studies (PDF)
Interview with Clare O'Leary, Pfizer, Inc. (MP3)
Download or listen to Clare explaining Pfizer's participation as an SEC Voluntary Filer and involvement with the XBRL US Project Team (right-click to save as podcast)
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SEC announced open meeting on May 14 to discuss requiring XBRL for public company filings
The SEC will hold an open meeting at 10 am on May 14, 2008 to discuss a proposed amendment on the filing of corporate financial data in interactive data format. The meeting was initially announced for April 21, but later postponed by the SEC until May due to scheduling conflicts. It is widely anticipated that a rule proposal with a roadmap for XBRL public company submission to EDGAR will be published shortly thereafter. To outline implications of the open meeting and expected rule proposal, XBRL US will host a media-only conference call at 12:30pm ET on May 15, 2008 featuring representatives from the SEC, public company preparers, accounting and the software and investment communities who will provide some prepared remarks and be available for questions regarding the SEC actions. For those journalists interested in attending, please email michelle.savage@xbrl.us. XBRL US will host a Town Hall Meeting for XBRL US members on May 15, as well.
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SEC launched new mutual fund analysis tool, powered by XBRL
On April 7, the SEC introduced a new XBRL-supported mutual fund reader that demonstrates the usefulness of interactive data for mutual fund comparison. The Interactive Risk & Return Summary Report Viewer relies on prospectus risk/return summary data provided by mutual fund companies through the SEC's Voluntary Filing Program. The new reader (http://a.viewerprototype1.com/viewer) allows investors to review a fund's cost, risk, investment objectives and strategies as well as historical performance. The Risk/Return Taxonomy, which is a set of data tags for the information contained in the risk/return portion of the mutual fund prospectus, and which includes investment objectives, strategies, principal risks, historical fund performance and fund fee table, was developed by the Investment Company Institute (ICI), the national association of U.S. investment companies.
Press releases: XBRL US | SEC
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New educational webinar series for preparers to begin Wednesday, May 21
Beginning in May, XBRL US will launch a new series of free workshops and webinars that provide education on XBRL, demonstrate how to create XBRL-formatted financials and how to participate in the SEC's Voluntary Filing Program. Programs will include demonstrations, case studies from actual filers and SEC representatives who will provide updates on their program and other activities. Register for the first program: 3pm ET on May 21, 2008.
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