XBRL GAAP Taxonomy getting ready for market acceptance.
Another XBRL post…
Yesterday the SEC held a press conference to announce the completion of the US GAAP Taxonomy which is made up of roughly 60 data tags. Based on US GAAP this new taxonomy is helping to ensure that teh filing of XBRL can now be automated for all issuers.
The finalized set of data tags (aka taxonomy) has been organized into 16 topics and is now in the hands of the 6 large accounting firms with their review being submitted to the SEC sometime next week.
The next key step for XBRL US and the SEC is how to move from the current voluntary program to market acceptance. By the spring of 2008 the SEC should announce their plans for having all US issuers submit all disclosure in an interactive format. The requirement for all companies to begin filing using interactive data sounds looks like sometime in the fall of 2008.
You can view the complete webcast here.
Technorati Tags: Q4 Web Systems, Q4, XBRL, Disclosure, Disclosure Risk, Disclosure Risk Management, Q4 PRESS
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- XBRL mandate is coming
- Interactive Disclosure (XBRL) Continues to Grow
- Canadian securities regulators launch XBRL voluntary filing program
- CSA Launches XBRL Voluntary Filing Program
- SEC to mandate XBRL for financial reporting
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