The FASB announced it has published a final version of the 2014 US GAAP taxonomy to be used for reporting in eXtensible Business Reporting Language (XBRL), such as for purposes of XBRL reporting requirements under the SEC's rules.
The FASB released the 2014 US GAAP Financial Reporting Taxonomy, which contains updates for accounting standards and other improvements to the current taxonomy used by US Securities and Exchange Commission issuers.
In a letter to US senators Tom Carper and Tom Coburn, the AICPA encouraged the Senate's support of legislation that would include a provision calling for the establishment of government-wide financial data standards for federal funds.
Individuals interested in reviewing the proposed 2014 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments.
In an effort to address the increased demand for comprehensive and intensive training on XBRL, the AICPA and XBRL US Inc., the not-for-profit consortium for business reporting standards, launched the XBRL US GAAP Certificate Program.
The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements.
The FASB recently added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the US GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.
Calcbench, an open source application that consumes corporate XBRL data and performs comparative analytics, was named the winner of the XBRL Challenge at the XBRL and Financial Analysis Technology Conference on February 29. The contest is for developers of applications that leverage XBRL-formatted data in the SEC EDGAR database.
Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.
The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.
Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift.
The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
The U.S. Securities and Exchange Commission has approved final rules which require companies to submit Financial Statements in XBRL format with their SEC filings.The American Institute of Certified Public Accountants supports the use of XBRL in Financial Statement reporting and believes that tagged data will provide investors and other users of financial information easier access to more transparent data in company reports."We are grateful to SEC Chairman Chris Cox for his great leadership with this proposal to enhance transparency in U.S.