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1. Preparing for the Next Opportunity

November 2009 | BY MATTHEW G. LAMOREAUX, PAUL BONNER | Article

Robert R. Harris takes a large view of the profession. He believes the economic crisis, global convergence of standards, a worldwide concern about the depletion of nonrenewable natural resources, and generational changes all present unprecedented opportunities for CPAs. Harris, who was elected to a oneyear term as chairman of the AICPA during the fall Council meeting in October, says he is concerned that young people don’t fully appreciate the innovation and breadth associated with the CPA profession—a view he hopes to foster during his year as chairman.

2. Panelists Advise Companies to Take Responsibility for XBRL Tagging—Even When Outsourcing

November 2009 | BY Alexandra DeFelice | Article

When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took place in New York this week.

3. XBRL Functionality Added to FASB Codification

October 2009 | Article

FASB on Monday announced that it has added new XBRL functionality to its Accounting Standards Codification Web site. “The new XBRL functionality provided by the Codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” said FASB Chairman Robert Herz in a press release.

4. Auditing

August 2009 | Article

The AICPA’s Auditing Standards Board issued Statement of Position (SOP) 091, Performing AgreedUpon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRLTagged Data. This interpretative SOP, drafted with the assistance of the XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee, provides guidance regarding the application of Statements on Standards for Attestation Engagements—attestation standards established by the AICPA—to engagements in which a practitioner performs and reports on agreedupon procedures related to the completeness, accuracy or consistency of XBRLtagged data.

5. XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification

August 2009 | Article

The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept.15, 2009, FASB and XBRL US announced Tuesday. The codification, which became effective July 1, reorganizes thousands of U.S. GAAP pronouncements into roughly 90 accounting topics using a consistent structure.

6. FASB Introduces Disclosure Project

July 2009 | Article

FASB introduced a project Wednesday that is intended to make financial statement disclosures more useful, organized and consistent, and less redundant. The project will focus on developing a framework for improved GAAP disclosures, according to FASB Chairman Robert Herz. The vision for the framework is for it to allow companies and other entities to focus on making more coherent disclosures in their annual reporting package, move away from what some assert has become a compliance exercise and perhaps facilitate XBRL electronic tagging of information.

7. Financial Reporting

March 2009 | Article

The SEC adopted new rules that will require public companies to provide an XBRL version of their SEC filings. Under the new rules, approximately 500 of the largest U.S. public companies and foreign private issuers listed with the SEC will be required to provide financial information using XBRL beginning in 2009.

8. New XBRL Taxonomy for IFRS Released for Public Comment

January 2009 | Article

The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec.

9. SEC Votes to Finalize XBRL Filing Rules

December 2008 | BY Matthew G. Lamoreaux | Article

The SEC voted Wednesday to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest U.S. public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning June 15, 2009.