With a critical wave of XBRL submissions winding down, companies now have an opportunity to review next year’s taxonomy and to comment on what they see.
The Financial Accounting Standards Board has released the proposed 2012 Taxonomy for U.S. Generally Accepted Accounting Principles to gather feedback on whether it meets the needs of public companies that are now required to submit their 10Ks and 10Qs through XBRL. The Securities and Exchange Commission now requires nearly all public companies to submit their financial statements through XBRL, the new data-interactive method that allows users of financial statements to search and sort data in detail never before possible. This summer marks the first time all public companies are submitting at least their financial statement line-item data through the XBRL system.
