XBRL US Labs, the research and development arm of XBRL US, and the Financial Accounting Foundation (FAF), the parent organisation of the Financial Accounting Standards Board (FASB), have announced a three-year agreement for co-operative eXtensible Business Reporting Language (XBRL) taxonomy research.
XBRL is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format. XBRL US and the FASB have worked together since 2006 to apply XBRL to US Generally Accepted Accounting Principles (GAAP) accounting standards for companies to digitally ‘tag’ complex financial statements and footnotes using a common language.
FAF recently assumed maintenance responsibilities for the 15,000-tag US GAAP taxonomy, which was developed by XBRL US under contract to the US Securities and Exchange Commission (SEC). In 2009, the SEC issued rules requiring public companies and foreign private issuers that prepare their financial statements in accordance with US GAAP to phase in use of the US GAAP taxonomy. Under these rules, companies will tag and submit their financial statements and related notes to the SEC using the US GAAP taxonomy.
Under the agreement, FAF and XBRL US Labs will collaborate and work co-operatively with each other to foster the continued high quality and effectiveness of the US GAAP taxonomy and to promote interoperability and consistency between future versions of that taxonomy developed by FAF with other financial reporting taxonomies that XBRL US will develop and implement.
“The collaboration between XBRL US and FAF is a powerful combination of technology standards and accounting standards,” said Barry Melancon, president and chief executive officer (CEO) of the American Institute of CPAs (AICPA) and XBRL US chairman. “This work will strengthen a solid foundation for expanding XBRL adoption in the public and private sectors.”
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