The taxonomy allows companies to apply computer-readable tags to thousands of pieces of financial data that are included in financial reports.
The SEC issued an order that will allow companies to voluntarily file structured financial statement data in a format known as Inline XBRL.
Higher-quality tagging of data is the goal.
The AICPA is encouraging members to comment on a new set of rules proposed for the use of extensible business reporting language (XBRL) in tagging financial reports submitted to the Securities and Exchange Commission.
The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.
The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.
The 2014 U.S. GAAP Financial Reporting Taxonomy is available, pending final acceptance by the SEC, FASB announced Wednesday. The taxonomy, available at FASB’s website, contains updates for accounting standards and other improvements to the 2013 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public
Supporters of extensible business reporting language (XBRL) have long touted its potential to transform financial data mining and analysis. Now that potential is starting to become a reality, thanks to several new software applications. These tools are designed to help accountants, investors, and analysts extract data from XBRL documents for
FASB released Thursday the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The taxonomy is a list of computer-readable financial reporting labels coded in XBRL, a computer language that allows companies to tag the pieces of financial data included in typical long-form financial statements and related
Proponents of XBRL have been touting its potential for years. With the SEC’s mandate that public companies file their financials using the data standard, opportunities are opening up for graduating students and practicing accountants who have XBRL knowledge.
In an effort to demonstrate XBRL’s scope and versatility, the Maryland Association of CPAs has begun using the technology to populate its financial information and key performance indicator reports. The project could become a blueprint of sorts for how private companies and nonprofit organizations can take advantage of XBRL’s power.
XBRL translates long-form financial data, both from the tables and the footnotes in financial reports, into a format that computers can read and understand. To best understand how XBRL works, think of it as another language that public companies and the CPAs assisting these companies must learn—at least enough to
The 2012 U.S. GAAP Financial Reporting Taxonomy, which is awaiting final acceptance by the SEC, has been made available, FASB announced today. The taxonomy contains updates for accounting standards and includes other changes to the 2011 taxonomy being used by SEC issuers. The taxonomy is a list of computer-readable tags
Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release. A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging,
FASB issued the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. Comments are due Oct. 31. The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012. The taxonomy is a list of computer-readable financial reporting labels coded in extensible
FASB on Thursday released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. Comments are due Oct. 31. The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012. The taxonomy is a list of computer-readable financial reporting labels coded
The IFRS Foundation said it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The foundation, the IASB’s parent organization, said the common-practice tags will enhance the comparability of information by enabling entities to create IFRS financial
FASB launched a new online system that makes it easier for stakeholders to review and provide input to its team on XBRL development taxonomy. The Taxonomy Online Review and Comment System enables organizations and individuals to submit comments directly to FASB, increasing convenience and ease of use. All comments are
The third phase of the SEC’s XBRL implementation program takes effect June 15, with nearly all public companies using U.S. GAAP now required to submit data in the fully searchable, digital format. Over the past two years, the largest SEC reporting companies have begun submitting financial information in XBRL. The
The AICPA’s Financial Reporting Executive Committee (FinREC) released a working draft of the revised practice aid Valuation of Privately Held Company Equity Securities Issued as Compensation, also known as the “Cheap Stock” practice aid. It is an update of the practice aid originally issued in April 2004. The working draft