LOGIN
MAIL
SEARCH
FASB Codification gets XBRL features
new from our blog, 'CPA Success'
macpa podcasts
related cpe
on-site programs
We also offer a number of on-site training options related to this article.
NORWALK, Conn., Oct. 7, 2009 — Users of the FASB Accounting Standards Codification will now find it easier to access certain information about eXtensible Business Reporting Language (XBRL) elements of the U.S. Financial Reporting Taxonomy that link to the codification.
The Financial Accounting Standards Board has introduced the new XBRL functionality at the codification Web site. The new functionality is designed to help preparers of XBRL financial statements identify XBRL elements that might need to be considered within those statements.
“The new XBRL functionality provided by the codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” said FASB Chairman Robert Herz. “Users will be able to very easily identify the XBRL elements associated with specific codification paragraphs.”
On July 1, 2009, the codification became the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP) effective for interim and annual periods ending after Sept. 15, 2009. The codification provides a list of all XBRL elements that contain an electronic link to a codification paragraph. It provides the complete XBRL element names together with all codification paragraphs referenced by a particular XBRL element.
To ensure that the taxonomy references the authoritative literature in the codification rather than the superseded legacy literature, XBRL-US announced in August that it had published a taxonomy extension including the codification references. The codification references include both the text-based codification reference (in the form of topic, subtopic, section, paragraph, and subparagraph) and an electronic link to the related codification paragraphs.
The Notice to Constituents (available at the codification Web site) provides additional background regarding codification references and electronic links embedded in the U.S. Financial Reporting Taxonomy.
