The Financial Accounting Standards Board’s Invitation to Comment is designed to allow it to assess the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy.
Comments are due by Thursday, June 15, 2017.
The XBRL US Style Guide has been revised and updated by the Domain Steering Committee. The Style Guide is designed to be used by developers as they build new taxonomies or update existing taxonomies, to facilitate the creation of consistent, high-quality, easy-to-use taxonomies. XBRL US will host a free webinar on May 3 to walk through the document.
Comments are due by Monday, July 17, 2017.
Standards have been used to successfully automate the collection of data for surety underwriting which historically has been a highly manual process. XBRL was used to enable the consistent and accurate consumption of financial data from contractors into a surety’s financial database, helping to streamline contractor access to credit and increase underwriting efficiency.
The Data Quality Committee – a collaborative of public companies, service providers and others working to improve standardized financial reporting – released version 3.3.0 in May, 2017. These freely-available resources help public companies detect inconsistencies or errors in their XBRL-formatted financial data.
Several tools are certified for implementation of the approved rules.
GO BIG! In addition to the Data Toolkit – freely-available APIs, spreadsheet templates, a Chrome browser add-on and documentation – every XBRL US Member can get updated schema documentation and query data in near real-time from this growing resource of filings submitted to the SEC since 2009.
Not an XBRL US Member, yet? Maybe it’s time to consider joining for yourself or your organization.