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FAF Releases 2011 US GAAP Taxonomy

January 19, 2011

The Financial Accounting Foundation (FAF) has made the 2011 US GAAP Financial Reporting Taxonomy available pending final acceptance by the SEC. The FAF is responsible for and maintenance and development of the US GAAP taxonomy (UGT).

The 2011 UGT contains many improvements over the 2009 UGT that is currently used for XBRL filings. The most notable improvements include (i) addition of Accounting Standards Updates that have been issued over the last two years, (ii) a build out of industry specific elements and (iii) distinguishment of elements used at each level of detail tagging. One of the more notable changes was the addition of a comprehensive text block tag section (Node 195000). Text bock tags in the 2011 UGT are distinguished from each other with the [Text Block] suffix for footnote disclosures, the [Policy Text Block] suffix for significant accounting policies and the [Table Text Block] suffix for tables within footnote disclosures.

The 2011 UGT is available here. For more information on XBRL and the latest guidance from the SEC please see the SEC’s XBRL Portal at http://xbrl.sec.gov/

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