Monday, May 05, 2008

XBRL: US GAAP Is Now Ready

XBRL US recently announced that they have completed taxonomies for U.S. Generally Accepted Accounting Principles (including Notes to Financials) and delivered these with associated preparer's guide to the Securities and Exchange Commission. The SEC will hold an open meeting on the 14th regarding a proposal to require XBRL for publicly-traded companies. Coda CEO Jeremy Roche believes that the SEC should mandate XBRL but allow a two-year transition period.

The SEC meeting a week from Wednesday certainly will get attention if the proposal to require XBRL for public companies is approved. At present, I tend to like a slight modification of Roche's position: requirement of XBRL with two years for most publicly-traded companies but three years for small capitalization public companies (in this case, revenues under about $250 million).


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