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XBRL US Publishes 2009 Release of US GAAP Taxonomies

May 17, 2009

XBRL US announced that it released and posted the digital dictionary for US GAAP reporting which has been accepted by the SEC. The 2009 release includes hundreds of accounting and industry-specific revisions to the 2008 release.

XBRL US plans to provide tools to help companies comply with SEC requirements and work with the new taxonomies. The tools available from XBRL US include:

The SEC mandated XBRL for public company reporting which will be phased in over three years. The largest public companies (about 500 companies), those with a worldwide public float of $5 billion or higher must comply with the mandate starting with fiscal periods ending after June 15, 2009 quarter. All other large accelerated filers must comply in the fiscal quarter ending after June 15, 2010. and all other publicly traded companies as well as foreign private issuers will be required to comply in the fiscal starting ending after June 15, 2011.

FASB pronouncements incorporated since the 2008 release include:

  • FAS No. 141 (R) – Business Combinations
  • FAS No. 160 – Non-controlling Interests in Consolidated Financial Statements an amendment of ARB No. 51
  • FAS No. 161 – Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133
  • FAS No. 163 – Accounting for Financial Guarantee Insurance Contracts, an interpretation of FASB Statement No. 60

“This first annual update evolves with accounting and industry changes and will improve comparability of public company data from year to year, from company to company,” said Campbell Pryde, Chief Standards Officer, XBRL US.

XBRL US is responsible for maintaining the US GAAP Taxonomies under contract with the SEC. The taxonomies can be viewed and downloaded at XBRL US.

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