XBRL taxonomy released for public comment.XBRL-US recently released the US Financial Reporting Taxonomy taxonomy: see classification. taxonomy In biology, the classification of organisms into a hierarchy of groupings, from the general to the particular, that reflect evolutionary and usually morphological relationships: kingdom, phylum, class, order, Framework (USFRTF) as a public working draft. The goals of this extensive framework, which includes industry taxonomies for the commercial & industrial, banking and savings, and insurance sectors, are to minimize duplicate elements for a single concept between taxonomy components, ease maintenance of the taxonomies, and ease company extension and instance creation. Comments are due Nov. 15. The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. team played a leading role in the development of these financial reporting taxonomies, which are intended to provide detail level accounting terms and reporting structures required by U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). in order to tag financial statements in XBRL. All taxonomies are built using the XBRL 2.1 Specification and are aiming for compliance with the XBRL International Financial Reporting Taxonomy Architecture. To obtain the draft, visit www.xbrl.org/us/usfrtf/2004-08-15/TaxonomyFrameworkOverview.htm. |
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