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XBRL US Publishes 2009 Release Of US GAAP Taxonomies
April 21, 2009
FEI Summary
On April 21, 2009 XBRL-US announced that it has released and posted the XBRL U.S. GAAP Taxonomies –Version 2009. According to XBRL-US, the 2009 taxonomy includes hundreds of accounting and industry-specific revisions from the prior year’s release, and has been accepted by the U.S. Securities and Exchange Commission (SEC).
As noted in XBRL-US' press release (based on a final rule approved by the SEC in December 2008 and published earlier this year), the SEC has mandated the use of XBRL – a system of interactive data tagging using eXtensible Business Reporting Language or XBRL - for public company reporting, to be phased in over two years. The largest public companies, those with a worldwide public float of $5 billion or higher must comply with the mandate starting with their June 15, 2009 quarter, a group of approximately 500 companies. All other large accelerated filers must comply starting with their June 15, 2010 fiscal quarter and all other publicly traded companies and foreign private issuers will be required to comply starting with their June 15, 2011 fiscal quarter.
Read more in the XBRL-US press release.
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