XBRL US plans to soon publish an upgraded version of the Extensible Business Reporting Language interactive data tags for U.S. generally accepted accounting principles and is making the latest draft available for public review.
The second release of the XBRL U.S. GAAP Taxonomies builds on the first release that was completed and published on April 28 under contract with the Securities and Exchange Commission. XBRL US said it has received hundreds of comments since the original taxonomy was published (see XBRL Group Finalizes U.S. GAAP Taxonomies). It has vetted and incorporated many of the suggestions into the latest release. Various pronouncements from the Financial Accounting Standards Board have also been incorporated including FAS 140R, 160, 161 and 163.
An SEC rule proposal, published on May 30, 2008, would require the use of XBRL for the largest public companies (with a worldwide public float of $5 billion or higher), reporting as early as Q1 2009. The XBRL US GAAP Taxonomies would be the required data tags for those companies filing in XBRL format.
The public comment period ends on Jan. 15. Comments will be reviewed and potentially incorporated, and the final dictionary of U.S. GAAP terms will be available for use in February. To participate in the review, visit http://xbrl.us/usgaappublicreview.
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