XBRL US announced today that it released and posted the digital dictionary for US GAAP reporting which has been accepted by the Securities and Exchange Commission (SEC). The 2009 release includes hundreds of accounting and industry-specific revisions to the 2008 release.
The SEC mandated XBRL for public company reporting which will be phased in over two years. The largest public companies, those with a worldwide public float of
"XBRL US has made a significant investment in development to ensure that new FASB pronouncements and industry standard changes are accurately reflected, and that preparers have resources for compliance. Public companies have been eagerly awaiting the updated taxonomies so that they will have the means to incorporate these changes into their XBRL-formatted financial statements in time for the SEC mandate," said
FASB pronouncements incorporated since the 2008 release include:
- FAS No. 141 (R) - Business Combinations
- FAS No. 160 - Non-controlling Interests in Consolidated Financial Statements an amendment of ARB No. 51
- FAS No. 161 - Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133
- FAS No. 163 - Accounting for Financial Guarantee Insurance Contracts, an interpretation of FASB Statement No. 60
"This first annual update evolves with accounting and industry changes and will improve comparability of public company data from year to year, from company to company," said Campbell Pryde, Chief Standards Officer, XBRL US.
XBRL US is responsible for maintaining the US GAAP Taxonomies under contract with the SEC. The taxonomies can be viewed and downloaded at http://xbrl.us/Pages/US-GAAP.aspx.
