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The Securities and Exchange mission has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy.
The U.S. GAAP Financial Reporting Taxonomy ntains updates for acunting standards and other improvements to the official taxonomy previously in use by SEC issuers. The taxonomy, which uses Extensible Business Reporting Language, or XBRL, is available here.
The U.S. GAAP Financial Reporting Taxonomy is a list of mputer-readable tags in XBRL that allows mpanies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow mputers to automatically search for, assemble and process data so it can be readily aessed and analyzed by investors, analysts, journalists and regulators. The taxonomy ntains updates for acunting standards and other improvements to the official taxonomy previously in use by SEC issuers.
The Financial Acunting Foundation, which oversees the Financial Acunting Standards Board and the ernmental Acunting Standards Board, is responsible for the ongoing maintenance of the taxonomy for public issuers registered with the SEC. The 2009 taxonomy currently in use by SEC issuers was developed by XBRL US Inc., an independent nonprofit anization with research, development and cation programs facilitating the widespread adoption of XBRL in the United States.
FASB staff provided technical acunting standards support to XBRL US during the development of the 2009 taxonomy. In early 2010, the FAF assumed maintenance responsibilities for the taxonomy, and, along with FASB, assembled a team of technical staff dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.
A listing of all taxonomies available for use, including the 2011 US GAAP taxonomy, is located at/info/edgar/edgartaxonomies.shtml.
The EDGAR validation and Previewer have been updated to inrporate the new taxonomies. The Interactive Data Test Suite used by software developers has also been updated.
The SEC staff is strongly enuraging mpanies to use the most recent version of the U.S. GAAP taxonomy release for their interactive data submissions to take advantage of the most up-to-date tags related to new acunting standards and other improvements. However, due to the timing of the release of the U.S. GAAP 2011 taxonomy in njunction with the phase-in of the rule, mpanies will be permitted to ntinue to use the U.S. GAAP 2009 taxonomy. |