Project Updates

XBRL - Linkage to the FASB Accounting Standards CodificationTM

Last Updated: October 2, 2009

The U.S. Financial Reporting Taxonomy was released initially by XBRL-US in April, 2008. In April, 2009, XBRL-US released the updated taxonomy. The taxonomy includes roughly 13,000 elements, many referencing existing accounting and reporting standards.

On July 1, 2009, the Financial Accounting Standards Board (FASB) released the FASB Accounting Standards CodificationTM (Codification) as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards are superseded as indicated in FASB Statement No. 168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles. As of the effective date, all other accounting literature not included in the Codification (except as noted in Codification Section 105-10-70) will be considered nonauthoritative.

As a result of the Codification, the majority of taxonomy references to pre-Codification literature will no longer be relevant for financial statements with interim and annual periods ending after September 15, 2009. In anticipation of the Codification release, the FASB initiated a project with XBRL-US in May 2008 to embed Codification references into the taxonomy. 

On July 24, 2009, the FASB released a Codification reference file to XBRL-US. On August 4, 2009, XBRL-US published a taxonomy extension file of Codification references that can be used for XBRL financial statements with interim and annual periods ending after September 15, 2009.

On October 2, 2009, the FASB introduced new information into the Codification website (http://asc.fasb.org) related to XBRL elements contained in the U.S. Financial Reporting Taxonomy. Users now will be able to view all U.S. Financial Reporting Taxonomy XBRL elements associated with specific Codification paragraphs or Subtopics. The availability of the element label and name within Codification provides an aid to preparers of U.S. Financial Reporting Taxonomy XBRL financial statements to identify XBRL elements that might need to be considered within their XBRL financial statements.