The XBRL US Taxonomy Approval and Metrics Process (TAM) document has been revised and updated by the Domain Steering Committee and is available for comment through April 5. The TAM 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.
Items tagged with "standards"
Learning about your own background — the good, the bad, and the ugly — can be interesting. But for investors and for companies doing business with other corporate partners, understanding the “ancestry” of the companies in which they invest or do business, can be critical.
Campbell Pryde, President and CEO, XBRL US
Financial statements are just one piece of the puzzle in evaluating cash flows from an investment. Shouldn’t all data needed to evaluate cash flows be available in structured format?
Formed as a subcommittee of the Domain Steering Committee, The Earnings Release Subcommittee is investigating possible XBRL tagging of corporate earnings announcements, given the timeliness and market-moving nature of the data provided in earnings announcements, and demand expressed by the investment community.
Accountants are sticklers for checking their work. They rely on disclosure and accounting checklists, and now on Data Quality Rules to catch errors in their XBRL financials. The XBRL US Data Quality Committee also performs periodic checks on their own work, and have proof that their rules and guidance are improving the accuracy of corporate XBRL financials.
Reporting supply chain participants – public company personnel and partners, regulators, analysts and researchers – know the value of telling a company’s story with standardized data. And now, XBRL Achievements are showing up on LinkedIn and other professional/social networking platforms to let colleagues and other professionals know who sets and keeps the pace in a transformed reporting environment.
The XBRL standard is a free, open, non-proprietary, financial data standard, developed and maintained by a global, not-for-profit standards body. Free and open standards are critical for governments and businesses looking to adopt a standard.
The XBRL US Data Quality Committee responded to FASB’s Invitation to Comment on Efficiency and Effectiveness of GAAP Financial Reporting Taxonomy.
Marcum LLP successfully created a computer-readable WIP report to help contractor clients provide financial performance data to surety carriers that can be automatically extracted with no rekeying of data. Marcum created the report by performing a one-time mapping using a spreadsheet add-in that converted the WIP data into XBRL format. XBRL is an open data […more]
The Hartford demonstrates how a one-time investment in data standards can be used by brokers to streamline their own data processing; and by surety carriers to eliminate the need for manual data entry, improve the credit evaluation process and offer better service to contractor customers.