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XBRL and the Codification Clarified

August 23, 2009

In my last post I noted that “…XBRL US is saying don’t file your 2009 XBRL exhibit with the SEC using the Codification taxonomy extension. If you do, the SEC’s Edgar system won’t be able to accept your filing.” This statement is correct but let’s clarify it further.

The SEC will not reject all filings, they will only reject those that are filed with either the Relative Codification Extension or the Absolute Codification Extension. These Codification Extensions are for reference purposes only. The intent is that they may assist you in making sure your data is tagged to the correct 2009 US GAAP Taxonomy element now that US GAAP is set forth only in the Codification. The reason the SEC will reject electronic filings that inlude either the Relative or Absolute Codification Extension is because EDGAR has not been modified to accept the new Taxonomy Extensions.

To file your XBRL exhibit with the SEC use the 2009 US GAAP Taxonomy. You may extend the 2009 US GAAP Taxonomy as needed to accomodate your specific business and financial data. After you finish tagging your data and producing your XBRL files you may seperately verify that your tagged data is connected to the appropriate area of the Codification by utilizing one of the Codification Extensions.

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