FASB Issues XBRL Implementation Guide on Other Comprehensive
Income
Norwalk, CT, March 28, 2013—The Financial Accounting
Standards Board (FASB) today issued the fifth in a series of eXtensible Business
Reporting Language (XBRL) Implementation Guides intended to improve use of the
U.S. GAAP Taxonomy. U.S.
GAAP Financial Reporting Taxonomy Implementation Guide—Other Comprehensive
Income (OCI) is available at the FASB website for a 60-day comment
period.
The purpose of this guide is to demonstrate the modeling of OCI
transactions focusing on changes in and the reclassification out of accumulated
OCI. It also provides an overview of OCI elements and their
attributes.
The examples contained in each of the five Implementation
Guides are not intended to comprise all of the potential modeling
configurations or to dictate the appearance and structure of a company´s XBRL
documents, but to provide examples of common disclosure presentations in each of
the specified areas.
The Taxonomy
is a list of computer-readable tags in XBRL that allows companies to tag
precisely the thousands of pieces of financial data that are included in typical
long-form financial statements and related footnote disclosures. The tags allow
computers to automatically search for, assemble, and process data so it can be
readily accessed and analyzed by investors, analysts, journalists, and
regulators.
The XBRL Implementation Guide series is part of the
continuing effort of the Financial Accounting Foundation (FAF) and the FASB to
improve use of the Taxonomy. More information about this and other guides in the
series will be discussed as part of an upcoming webcast, IN FOCUS:
2013 U.S. GAAP Taxonomy Overview with Expanded Coverage of FASB XBRL
Implementation Guides and SEC Update. This live webcast, offered
free of charge, will take place on Tuesday, April 2, 2013, from 1:00 to 2:30
p.m. EDT. Participants in the live broadcast will be eligible for up to 1.5
hours of CPE credit. More details
about the webcast, including registration information, can be found at the FASB
website.
About the Financial Accounting
Foundation
The FAF is responsible for the oversight,
administration, and finances of both the Financial Accounting Standards Board
and its counterpart for state and local government, the Governmental Accounting
Standards Board. The FAF also is responsible for selecting the members of both
Boards and their respective Advisory Councils.
About the
Financial Accounting Standards Board
Since 1973, the Financial
Accounting Standards Board has been the designated organization in the private
sector for establishing standards of financial accounting and reporting. Those
standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website at www.fasb.org.