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2012 US GAAP Taxonomy Approved by the SEC

March 28, 2012

The 2012 US GAAP Taxonomy (UGT) has now been approved by the SEC. Approved taxonomies are shown on the SEC’s XBRL Website. The SEC staff strongly encourages companies to use the most recent version of the US GAAP taxonomy release for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements.

The 2012 UGT contains many updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers. Some of the major improvements include:

  • Accounting Standards Updates
  • Common reporting practices observed in company filings
  • Correction of errors and rationalization of duplicated concepts
  • Updated modeling of existing taxonomy structures and other architectural changes

The updates to the 2012 UGT were made with the intent of minimizing the impact of changes to instance documents while providing for the necessary accounting updates, common reporting practices, error corrections and rationalizations.

Where elements did not change, the element names are identical to the 2011 UGT names to provide for the greatest level of comparability and to facilitate conversion from the 2011 UGT to the 2012 UGT. However, there are a number of changes to the taxonomy that preparers should be aware of when transitioning to the 2012 update including elements which have been added, changes in element attributes and deprecation of elements from the 2011 UGT. As expected, the 2012 UGT update has a different namespace, which means preparers rolling filings forward to use the 2012 UGT update will have to update those filings for the new namespace.

A complete list of all changes from the 2011 UGT is included in the Appendices of the 2012 UGT Release Notes posted on the FASB website. The Release Notes and other guidance on the FASB Website have been developed to help users transition from the 2011 UGT to the 2012 UGT update. For the convenience of XBRL filinrs, the FASB has developed two taxonomy transition tools:

Initial Detail Tagging companies should consider filing the first detail tagging using the 2012 UGT to avoid having to migrate the entire filing at a later date. When will you migrate to the 2012 UGT?

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