XBRL U.S. has released a second version of its XBRL Consistency Suite with improved functionality and additional checks that now cover detailed footnote tagging, as well as a way to compare the 2009 Taxonomy Release to the 2011 pre-release of the U.S. GAAP Financial Reporting Taxonomy, recently published by the Financial Accounting Standards Board.
The new release builds on the initial offering and includes 60 percent more checks so that companies can establish automated, comprehensive control steps in their processes; detailed information on extensions created by peer companies; the ability to compare disclosure notes between multiple companies; and advanced filtering for more complex searching on data in XBRL submissions.
The XBRL Consistency Suite is designed to provide comprehensive checking that cannot be performed through manual review. It does not, however, include SEC or XBRL validation, which are typically included in XBRL creation tools and services.
The checks were developed by the same team that developed the U.S. GAAP Taxonomy, based on their experience in developing the taxonomy and in conducting an ongoing review of XBRL submissions received into the SECs EDGAR database.
We want public companies to review the concepts in the taxonomy pre-release, submit comments at the FASB website, and familiarize themselves with what they will need to use in 2011, said Louis Matherne, chief of taxonomy development at FASB. Getting the pre-release into the XBRL Consistency Suite is a good way to get preparers to review it and compare it to the 2009 release. The FAF/FASB uses the XBRL Consistency Suite in our taxonomy maintenance process to help identify best practice and research extensions and concepts used.
XBRL U.S. is the nonprofit consortium for XML business reporting standards in the U.S. and it represents the business information supply chain.
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