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Journal entry — FASB announces 2012 U.S. GAAP financial reporting XBRL taxonomy

Published on: Jan 23, 2012

On January 18, 2012, the FASB issued a press release announcing the publication of the 2012 U.S. GAAP Financial Reporting XBRL Taxonomy. The taxonomy reflects accounting standards issued during the past year as well as other corrections and improvements to the 2011 version. The FASB has also published related release notes and other guidance and supporting documents, including a summary of changes from the 2011 taxonomy.

Until it has been approved by the SEC, the 2012 U.S. GAAP Financial Reporting Taxonomy cannot be used for interactive data file submissions. When the SEC has accepted the taxonomy, it will update the Standard Taxonomies page of its Web site to indicate that it is available for use by registrants.

Note that the SEC staff announced at the 2011 AICPA National Conference on Current SEC and PCAOB Developments that when the 2012 taxonomy is approved, the 2009 release of the taxonomy will no longer be supported (i.e., XBRL/interactive data submissions that use the 2009 version of the taxonomy will no longer be accepted by the EDGAR system). Registrants still using the 2009 version of the U.S. GAAP taxonomy for their XBRL submissions will be required to transition to one of the SEC-approved versions of the taxonomy after the 2012 U.S. GAAP taxonomy has been approved by the SEC. Registrants still will be able to use the 2009 U.S. GAAP taxonomy for their year-end 2011
Form 10-K filings.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.