Financial Reporting Blog

Page Action:

XBRL in Focus

The FASB recently announced it will hold a webcast on April 3, 2012 entitled FASB in FOCUS: Using XBRL Tables. According to FASB's announcement, the webcast, slated to take place on 4/3 from 1-2:30 pm EST, will "provide an overview of the 2012 U.S. GAAP Financial Reporting Taxonomy (UGT) and focused discussions on certain aspects of the UGT."  

Featured speakers on FASB's 4/3 webcast include:
  • Louis Matherne, FASB Chief of Taxonomy Development;
  • Donna Johaneman, FASB Project Manager-XBRL;
  • David Shaw, FASB XBRL Technical Accounting Research Associate; and
  • Susan Yount, Office of Interactive Data, U.S. Securities and Exchange Commission
Status of 2012 Taxonomy
My two cents (see disclaimer posted on right side of our blog): presumably there will either be final Commission approval of the draft 2012 Taxonomy prior to FASB's April 3 webcast, and/or a status update thereon provided on the webcast. The 2011 taxonomy is officially required and in use; the draft 2012 taxonomy was released for public testing and public comment last fall, with a comment deadline of Oct. 31, 2011.

According to the SEC website (see second bullet below), Commission approval of the 2012 taxonomy was anticipated to take place in "early 2012."
  • FASB's 2012 taxonomy webpage currently states: "The 2012 US GAAP Financial Reporting Taxonomy may not be relied upon for submitting XBRL tagged interactive data files in compliance with SEC rules until adopted and supported by the SEC. The SEC will indicate availability for use on the SEC standard taxonomies page."
  • The SEC's 2012 Draft Taxonomy webpage currently states: "Upon completion of the public comment period and consideration of the feedback, the taxonomies will be finalized and ultimately made available for use with the Commission’s systems which the staff expects to happen in early 2012. Indication that the updated taxonomy is available for use will be made via the standard taxonomies page at http://www.sec.gov/info/edgar/edgartaxonomies.shtml....The 2012 U.S. GAAP and non-GAAP taxonomies may be used for filing submissions as soon as they are listed as available for use on http://www.sec.gov/info/edgar/edgartaxonomies.shtml and the staff encourages filers to transition to the updated taxonomy as soon as is practicable. The staff strongly encourages companies to use the most recent version of a taxonomy release for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements. When finalized, transition guidance will be posted on http://www.sec.gov/info/edgar/edgartaxonomies.shtml along with the final 2012 taxonomies.".
A list of XBRL resources and information appears further below.

Interested in the Intersection of Finance and Technology?
Are you interested in the intersection of finance and information technology? Check out the Finance and Information Technology track, one of three specialized tracks offered during breakout sessions at FEI's 2012 Summit Leadership Conference, May 20-22 in Orlando.  The other two tracks are Corporate Finance and Leadership & Executive Development. All attendees attend the keynotes and general sessions. 

See also FEI's Committee on Finance and Information Technology (CFIT).

XBRL Resources 

Listed below are some links to XBRL resources and information at the SEC, FASB, IASB, private organizations and consortiums:

SEC Spotlight on Interactive Data/XBRL
SEC Standard Taxonomies Webpage
FAF/FASB XBRL Taxonomy Role
FASB 2011 US GAAP Taxonomy webpage
FASB 2012 US GAAP Taxonomy webpage (*currently marked pending SEC final approval)
IASB's XBRL and IFRS webpage
IASB's IFRS Taxonomy
XBRL US (national consortium) - see, e.g. Learn About XBRL; Events and TrainingReplay Past Events
XBRL International (international consortium) - see, e.g. Knowledge Centre.

Blogs
As part of its XBRL Community webpage, XBRL International also provides a list of Blogs that focus on XBRL; their current listing is copied below: 

Financial Reporting Using XBRL
Blogger: Charlie Hoffman 

Gurus Unaudited
Blogger: Lucy Lee, Rose Ryan 

Insight Blog from Corefiling
Blogger: Paul Warren 

Hitachi Data Interactive
Blogger: Tammy Whitehouse 

Oracle EPM Blog
Blogger: John O'Rourke 

XBRL Blog Magazine
Blogger: Multiple 

Rivet Software Blog
Blogger: Multiple 

Raas Consulting
Blogger: Daniel Roberts 

Altova Blog
Blogger; Erin Cavanaugh 

XBRL Canada Blog
Blogger: Gerald Trites

Posted: 3/20/2012 11:41:35 AM by Edith Orenstein | with 0 comments
Filed under: 2012 taxonomy,data tagging,data tags,eXtensible Business Reporting Language,FEI blog,interactive data,Summit Conference,Summit Leadership Conference,XBRL International,XBRL US,FASB,FEI,IASB,SEC,Summit,taxonomy,XBRL,XBRL-US,XII,2011 taxonomy


Trackback URL: http://www.financialexecutives.org/KenticoCMS/trackback/dae1497d-cc0b-4092-9790-013dcfd7fb2c/XBRL-in-Focus.aspx

Comments
Blog post currently doesn't have any comments.

Subscribe to Financial Reporting Blog

Submit your email address to receive notifications of new posts by email.

Search Blog:

 
clear results Rss

Archives

Skip Navigation Links.
Expand 20132013
Skip Navigation Links.
Expand 20122012
Skip Navigation Links.
Expand 20112011
Skip Navigation Links.
Expand 20102010
Skip Navigation Links.
Expand 20092009
Skip Navigation Links.
Expand 20082008

DISCLAIMER

Unless specifically noted, the materials posted on this weblog do not represent the views of FEI, its officers, directors, agents, employees or members.

Watch the FEI Blog's Music Video on YouTube:

ABOUT THE AUTHOR

Edith Orenstein