The Financial Acunting Standard Board (FASB) is close to overming a mismatch between its new dification of acunting standards and data-tagged financials that uld have presented mmunications problems for Chief Financial Officers (CFO).

SEC has required that all public mpanies and mutual fund mpanies must file reports in electronic labels attached with important data, and they also need to upload the reports on mpany’s web The data-tagged technical adopts the eXtensible Business Reporting Language software (XBRL) to search and classify the information, which makes the financial performance mparison much easier and more rapid. However, XBRL seems to nflict with the new dification of acunting standards effective in July 1 released by FASB.

The current XBRL taxonomy aligns with the predification of acunting standards released by FASB, but nflicts with the new dification. That is to say, in July 1, after the new dification came into being, the financial reports filers as well as the users must refer to the new dification at any moment when filing the financial reports to the SEC using the data labels, to avoid nflicts. It is learnt that the new XBRL taxonomy and the new dification of Application Reference are expected to be released in early 2010.

President and CEO of XBRL US, Mark Bolgiano noted, XBRL US is now ordinating with FASB actively, to modify the current XBRL taxonomy as soon as possible, as well as to nstantly expand its functions, so that the taxonomy and the new dification of acunting standards can be linked up with each other.

Though the new dification of acunting standards planned to be effective in July 1 has to be put off, due to its mismatch with the XBRL, the spokesman of FASB says, the new dification will be released by the end of July at latest. The spokesman didn’t disclose the specific schled date.

In fact, the delay of the new dification will affect the financial filing and using of the US 500 largest public mpanies. Because to them, June 30 is the deadline of their financial period. At the same time, the delay of the new dification will also bring certain impacts to the investors, banks and the users of the financial reports.

To the CFO, the mismatch between the new dification and XBRL will bring a lot of mmunication problems for them. As early as the beginning of this year, SEC has required the US 500 largest public mpanies to use XBRL in and after June 15 or by the end of June, in the end of the financial period. Thus, now it seems that there are a lot of problems.