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FAF publishes U.S. GAAP Financial Reporting Taxonomy

  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

19 Jan 2011

The Financial Accounting Foundation (FAF) has announced the availability of the 2011 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

The taxonomy is designed to be used for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules.

In December 2008, the SEC issued a ruling requiring all public companies and foreign private issuers that prepare their financial statements in accordance with U.S. GAAP, and foreign private issuers that prepare their financial statements using IFRSs as issued by the IASB, to lodge financial reports in XBRL. The introduction of the XBRL filing requirement is being staged over a number of dates, with certain remaining U.S. GAAP filers, including smaller reporting companies, and all foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB, required to lodge in XBRL format from 15 June 2011.

In early 2010, the FAF assumed maintenance responsibilities for the taxonomy and it will be relevant to entities preparing financial reports in accordance with U.S. GAAP. The IFRS Foundation has recently published its proposed IFRS Taxonomy 2011.

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