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XBRL taxonomy released for public comment.

XBRL-US recently released the US Financial Reporting Taxonomy 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 XBRL 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 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
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Title Annotation:extensible business reporting language; US Financial Reporting Taxonomy Framework;
Publication:CPA Letter
Date:Nov 1, 2004
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