New elements can be used to create XBRL-formatted financials today to meet the SEC mandate
XBRL US, the non-profit consortium for business reporting in XML, announced that it has published a set of over 200 new elements to reflect new FASB accounting standard changes issued since December 31, 2008. Some of these new standards are eligible for early adoption by public companies for annual and interim periods ending on or prior to December 31, 2009. XBRL US has developed US GAAP Taxonomy 2009 Addendum-1 that contains the new elements and, when opened, imports the US GAAP Taxonomy 2009 so that the new elements can be used by public companies preparing their financials in XBRL format. XBRL US has also made these new elements available in the XBRL US Review tool where visitors can review them and offer comments.
The new FASB standards incorporated include only those that are deemed critical for companies preparing financial statements before the US GAAP Taxonomy 2010 is published. The XBRL US GAAP Taxonomy is published once each year to avoid confusion over which release should be used and to ensure the greatest comparability of data. In the event of a substantial number of new accounting standards, XBRL US publishes an addendum taxonomy such as this one, so that companies that need to use the new FASB pronouncements do not have to create new extensions and so that every company using the new standard uses the same element.
“US GAAP Taxonomy 2009 Addendum-1 is provided to reduce the effort required to create new elements from scratch when changes in accounting standards require new line items,” said Campbell Pryde, Chief Standards Officer, XBRL US, “We are in constant dialogue with the FASB and will continue to streamline the process for preparers.”
To learn more about the new FASB pronouncements included and to view and use the new elements, visit http://xbrl.us/taxonomies/publicreviews/2009/gaapext1/Pages/default.aspx.
About XBRL
XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe business and financial information for public and private companies and other organizations. XBRL benefits all members of the information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze business and financial statements and the information they contain.
About XBRL US
XBRL US is the non-profit consortium for XML business reporting standards in the United States and is a jurisdiction of XBRL International. It represents the business information supply chain, including accounting firms, software companies, financial databases, financial printers and government agencies. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies relevant for use by US public and private sectors, working with a goal of interoperability between sectors, and by promoting adoption of these taxonomies through the collaboration of all business reporting supply chain participants. XBRL US has developed taxonomies to support U.S. GAAP and common reporting practices, the Risk Return Summary in mutual fund prospectuses and the Schedule of Investments under contract with the Securities and Exchange Commission. The XBRL US GAAP Taxonomies are available for review at http://xbrl.us/taxonomies/Pages/US-GAAP2009.aspx.
Contact:
| Michelle Savage |
| Vice President, Communications |
| XBRL US |
| 917-747-1714 |
| michelle.savage@xbrl.us |
