Norwalk, CT, October 5, 2009—Users of the FASB Accounting
Standards CodificationTM will now find it
easier to access certain information about eXtensible Business Reporting
Language (XBRL) elements of the U.S. Financial Reporting Taxonomy that link to
the Codification. The Financial Accounting Standards Board (FASB) today
introduced the new XBRL functionality at the FASB Accounting Standards
CodificationTM website (http://asc.fasb.org/). The new functionality is
designed to help preparers of XBRL financial statements identify XBRL elements
that might need to be considered within those statements.
“The new XBRL functionality provided by the Codification website will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” states FASB Chairman Robert Herz. “Users will be able to very easily identify the XBRL elements associated with specific Codification paragraphs.”
On July 1, 2009, the FASB Accounting Standards CodificationTM became the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP) effective for interim and annual periods ending after September 15, 2009. The Codification provides a list of all XBRL elements that contain an electronic link to a Codification paragraph. It provides the complete XBRL element names together with all Codification paragraphs referenced by a particular XBRL element.
To ensure that the taxonomy references the authoritative literature in the Codification rather than the superseded legacy literature, XBRL-US announced in August that it had published a taxonomy extension including the Codification references. The Codification references include both the text-based Codification reference (in the form of topic, subtopic, section, paragraph, and subparagraph) and an electronic link to the related Codification paragraphs.
The Notice to Constituents (available at the Codification website) provides additional background regarding Codification references and electronic links embedded in the U.S. Financial Reporting Taxonomy.
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 http://www.fasb.org/.