WASHINGTON, Aug. 4 /PRNewswire/ — The Financial Acunting Standards Board (FASB) and XBRL US, the nonprofit nsortium for XML business reporting standards, announced today that they have mpleted the work to revise the XBRL US GAAP Taxonomy to reflect the FASB Acunting Standards dification(TM) that was released on July 1, 2009. The dification is the single source of authoritative nonernmental US generally aepted acunting principles (GAAP) and is effective for interim and annual periods ending after September 15, 2009.

In 2008, the FASB created an XBRL project team that worked closely with the XBRL US team to release the new dification extension taxonomy. The FASB’s XBRL project team reviewed the authoritative references in the current taxonomy and added the related dification references. Public mpanies using the US GAAP Taxonomy to create XBRL-formatted financial statements can now link directly from the taxonomy extension to the specific dification reference as posted on FASB’s dification web The dification references, in njunction with the element labels and definitions, provide mpanies the information they need to select the right element in the taxonomy to aurately reflect their financial statements.

“The FASB Acunting Standards dification(TM) simplifies the process of researching acunting issues by providing a single authoritative source of US GAAP. The work that FASB and XBRL US have done to bring these references into the US GAAP Taxonomy further streamlines the process of financial statement preparation for public mpanies,” stated Robert H. Herz, chairman of the FASB. “Inrporating the dification into the US GAAP Taxonomy will give preparers an easy tool that will help them select the appropriate elements for filing their XBRL financial statements.”

The dification reanizes the thousands of US GAAP pronouncements into roughly 90 acunting ics and displays all ics using a nsistent structure. It also includes relevant Securities and Exchange mmission (SEC) guidance that follows the same ical structure in separate sections in the dification.

The US GAAP Taxonomy was developed by XBRL US under ntract with the SEC as a mprehensive set of reporting elements that include GAAP requirements and mmon reporting practices. Public mpanies use this digital dictionary when creating XBRL-formatted financials. The SEC mandated the use of XBRL for all public mpanies over a three year period; the largest public mpanies, with a worldwide public float greater than $5 billion, began filing for interim financial statements with periods ending on or after June 15, 2009.

“We will ntinue to work closely with the FASB to align the US GAAP reporting elements with all new acunting standards. Public mpany reporting must change to reflect investor and marketplace needs. The appropriate level of support and maintenance will ensure that the XBRL reporting elements used by public mpanies reflect the most current industry and acunting standards,” said Mark Bolgiano, president and CEO, XBRL US. “Proper maintenance of the taxonomy is key to giving preparers the tool to create nsistent, high-quality financial data that gives investors greater transparency and ultimately better auracy in their own analysis.”

Preparers who wish to use the US GAAP Taxonomy with the new FASB dification inrporated, should go to http://xbrl.us/taxonomies/Pages/FASBdification_2009.aspx.