Regulators, data analytics & software providers, reporting entities are invited to review
XBRL US, the nonprofit standards organization, published an initial exposure draft of the Taxonomy Development Handbook (TDH), a comprehensive guide that directs regulators, industry experts, and businesses through a practical, consistent roadmap to building high quality data standards using XBRL. The handbook walks readers through the necessary stages of standards development, including: 1) building the appropriate transport data model, 2) assessing project scope, including identifying use cases and determining requirements, 3) establishing an appropriate governance structure, 4) documenting the standards program, and 5) the step-by-step mechanics of building the taxonomy.
The TDH also features an in-depth introduction to the XBRL financial data standard, as well as case studies to illustrate different types of implementations, from simple to complex. The handbook is available for public review and comment during a 60-day period, ending January 20, 2020.
The TDH was developed by the member-driven XBRL US Domain Steering Committee (DSC), under the leadership of Scott Theis, CEO of Novaworks, LLC and chair of the DSC. Theis noted, “We are seeing increasing demand for data standards in reporting by governments and businesses. The Taxonomy Development Handbook is designed to offer a clear and practical path to support the creation of standards programs that produce unambiguous, machine-readable data. We encourage members and nonmembers alike to review and comment during this review period so we can improve upon it further.”
The handbook is designed to be used in conjunction with the XBRL 2.1 Specification and with other materials developed by the XBRL US DSC, such as the XBRL US Style Guide (a guide to language for creating standardized concepts and labels) and the Taxonomy Approval Metrics and Process (a checklist used in the XBRL US Taxonomy Certification Process).
“Standard government reporting initiatives demand a normalized approach to taxonomy development. The TDH is a critical milestone that will facilitate good quality regulatory standards programs. The work of our members in the DSC, under Scott Theis’ leadership, has been a significant undertaking that will set the stage for standard reporting initiatives for industry and government going forward,” said XBRL US CEO, Campbell Pryde.
The public review for the TDH is intended to solicit further comment to improve the content, clarity, and usability of the handbook. A webinar open to the public will be held on January 8, 2020 to walk through the handbook, respond to questions, and explain how to participate in the public review. Register for the webinar at: https://xbrl.us/events/20200108/.
In addition, in the first half of 2020, XBRL US will host an in-person Regulators Training Workshop, to provide government regulators the fundamentals of building good quality standards. To learn more email info@xbrl.us.
XBRL is an open, nonproprietary data standard, used worldwide by financial regulators, business registrars, capital markets (public companies), and tax regulators. XBRL organizes and transports financial and other types of data; and renders data searchable and machine-readable. It is managed by XBRL International, a nonprofit, voluntary, consensus standards body.
To access the Taxonomy Development Handbook and participate in the public review.
