XBRL Update for April, 2010

April 20, 2010

Since our last update, there have been four significant XBRL developments:

  • Transition of responsibility for maintaining the US GAAP Taxonomy
  • SEC release of a new Previewer and Viewer engine
  • Update to the EDGAR Filer Manual
  • SEC Webinar focused on detailed tagging requirements.

Taxonomy Maintenance Transition
On February 5, 2010, the Financial Accounting Standards Board (FASB) announced the Financial Accounting Foundation (FAF) will be responsible for the ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy. The current 2009 taxonomy in use by SEC issuers was developed by XBRL US, Inc., an independent non-profit organization, with technical accounting support provided by the FASB. Going forward, XBRL US will transition to other projects with continued technical support from the FASB.

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XBRL Update: September 2009

September 24, 2009

The biggest lesson learned from the first wave of XBRL filings is the importance of proper validation. Depending on the validation tool used, results show that virtually every filing has at least one EDGAR Filer Manual error. Furthermore, 44% of all filings have two errors or more and the average number of errors per filing is 12.  Given the changes coming forth from the SEC and XBRL US, filers will need to quickly adopt procedures to better meet the upcoming challenges.

Here are several items you should be aware of:

SEC’s EDGAR system update with upcoming EDGAR Release 9.17:
On September 28, 2009, the SEC will update the EDGAR system to enhance its Interactive Data (XBRL) file validation capabilities. The updated EDGAR system will validate an increased number of technical requirements found in the EDGAR Filer Manual.

The first set of mandated XBRL filers were allowed to submit their XBRL filings without meeting all of the EDGAR Filer Manual requirements. It is important to note the enhanced EDGAR system may now strip out XBRL files that do not comply with the requirements of the EDGAR Filer Manual. Accordingly, the SEC highly encourages filers to have their XBRL filings tested in advance of the required submission dates.

FASB Codification & XBRL US GAAP Taxonomy:
On July 1, 2009, the Financial Accounting Standards Board (“FASB”) launched the FASB Accounting Standards Codification as the single source of authoritative non-governmental US GAAP, replacing existing authoritative accounting pronouncements including those issued by FASB, EITF, AICPA and other organizations. The Codification is effective for quarterly and annual reports ending after September 15, 2009. The Codification does not change GAAP, rather it introduces a new structure, which is organized into an easily accessible online research system and can be accessed at http://asc.fasb.org. To ensure the US GAAP taxonomy is up-to-date with the latest accounting references, on August 4, 2009, FASB and XBRL US revised the XBRL US GAAP Taxonomy to include links to the FASB’s Accounting Standards Codification for XBRL elements.

SEC XBRL FAQs:
Staff Interpretations and FAQs Related to Interactive Data Disclosure:
http://www.sec.gov/spotlight/xbrl/staff-interps.shtml

Compliance and Disclosure Interpretations on Interactive Data:
http://www.sec.gov/divisions/corpfin/guidance/interactivedatainterp.htm

For further information regarding XBRL, please listen to our Webinar or contact Business Wire’s Vice President of Global Disclosure and Financial Reporting Services, Michael Becker.


SEC Releases Rule Proposal on the use of Interactive Data (XBRL)

May 15, 2008

Here’s an item from Business Wire’s Michael Becker, VP of Global Disclosure & Reporting Services:

The US Securities and Exchange Commission (SEC) proposed that issuers provide corporate financial statement information to the Commission in interactive data (XBRL) format.

If adopted, the first interactive data provided under the new rules would be made public in early 2009. The remaining companies using U.S. GAAP would provide this disclosure over the following two years. Companies using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board would provide this disclosure for fiscal periods ending in late 2010.

Additional proposed items:

  • In the initial year of a company’s filing, they would be required to provide single identifiers (tags) for each footnote and schedule but starting in year two of XBRL submission, the company would be required to provide more detailed identifiers for elements within the footnotes themselves.
  • XBRL documents would be submitted in addition to the official ASCII or HTML filing and then filed at the same time. The only exception to this rule is that the first time a company submits in XBRL format and the first time they provide detailed tagging of the footnotes, the company would be allowed a 30 day grace period after the traditional filing during which they could submit the XBRL documents.
  • Companies also would be required to post this information on their websites.

Business Wire is the only newswire service with in-house XBRL expertise and is prepared to help your company transition to XBRL reporting quickly and easily. Our EarningsDirect service is a simple, non-technical method for tagging EDGAR filings and earnings news releases in XBRL format.

The process couldn’t be easier; we convert the data to XBRL for you. Analysts, investors and the financial media receive your financials in XBRL format with a special PDF file, the Interactive Financial Statement (IFS). The IFS allows users to quickly understand, via detailed TagTips, how your financials have been tagged in XBRL. The IFS also contains the raw XBRL required for market participants to analyze the data in real time.


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