Automated Checking Tool has 60% more checks and improved functionality
WASHINGTON, July 27 – XBRL US, the non-profit consortium for XML business reporting, has released a second version of its XBRL Consistency Suite with improved functionality and additional checks that now cover detailed footnote tagging. The new version also now provides a quick and easy way to compare the 2009 Taxonomy Release to the 2011 Pre-release of the US GAAP Financial Reporting Taxonomy, recently published by the Financial Accounting Standards Board (FASB).
The XBRL Consistency Suite has three primary functions: 1) it runs automated checks that help public company preparers test their XBRL documents for problems that may occur related to the use of the US GAAP Taxonomy, such as missing concepts, incorrect signs and concepts used incorrectly, 2) it enables quick and easy peer analysis to help companies identify extensions created and concepts used by other companies within their industry, and 3) allows preparers to compare one taxonomy release to another to streamline the XBRL preparation process.
“The XBRL Consistency Suite helps us ensure that our XBRL files meet the qualifications set by XBRL U.S.,” said David Froid, Sr. Financial Reporting Accountant at Linn Energy. “When working with the Company Filing Analysis section of the XBRL Consistency Suite, the ability to export data to Excel provides tremendous efficiencies for performing peer reviews, especially with the amount of data that will be involved in the detail tagging of footnotes.”
The new release builds on the initial offering with:
- 60% more checks that now cover detailed footnote tags in addition to the face financials so that companies can establish automated, comprehensive control steps in their process
- Detailed information on extensions created by peer companies including name, presentation label, definition, and even presentation and calculation hierarchies that preparers can leverage in their own creation process
- Ability to compare disclosure notes between multiple companies
- Advanced filter for more complex searching on data in XBRL submissions
The tool also allows public companies to compare the 2009 Release to the 2011 FASB Pre-Release.
“We want public companies to review the concepts in the taxonomy pre-release, submit comments at the FASB website, and familiarize themselves with what they will need to use in 2011. Getting the pre-release into the XBRL Consistency Suite is a good way to get preparers to review it and compare it to the 2009 release,” said Louis Matherne, Chief of Taxonomy Development, FASB. “The FAF/FASB uses the XBRL Consistency Suite in our taxonomy maintenance process to help identify best practice and research extensions and concepts used.”
The XBRL Consistency Suite is the first tool of its kind and is designed to provide the kind of comprehensive checking that cannot be performed through manual review. It does not include SEC or XBRL validation which are typically included in XBRL creation tools and services. The checks were developed by the same team that developed the US GAAP Taxonomy based on their experience in developing the taxonomy and in conducting a thorough and ongoing review of XBRL submissions received into the SEC’s EDGAR database. For more information about the XBRL Consistency Suite, go to http://xbrl.us/csuite.
Public company preparers can learn more about how they can avoid common errors in XBRL preparation by attending a free webinar, Wednesday, July 28 at 3pm ET by registering at http://xbrl.us/avoiderrors. Speakers will cover their experiences in XBRL preparation including Matthew Slavin, Associate Director, Professional Practice – Auditing at Ernst & Young and Rachel Gracewski, Financial Reporting Senior Analyst at United Technologies Corporation.
About XBRL US
XBRL US is the non-profit consortium for XML business reporting standards in the U.S and it represents the business information supply chain. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission. XBRL US Labs, the research and development arm of XBRL US, leverages the XBRL US platform, methodologies and people to address the quality of taxonomies and the harmonization of XBRL with other XML standards.
Contact: Michelle Savage, Vice President, Communication, 917-747-1714, michelle.savage@xbrl.us
