XBRL Compatibility Suite: Preparing for the Second Level of XBRL

XBRL US just released the XBRL Compatibility Suite, designed to help users do a better error-check, improve peer documentation, more complete tagging of footnote documentation and compare documents developed for the 2009 XBRL taxonomy release with new requirements in the 2011 taxonomy pre-release. A powerful endorsement comes from Louis Matherne who claims that FASB uses the suite as part of their taxonomy maintenance procedures.

While smaller businesses are unlikely to need XBRL, mid-size publicly-traded busineses and larger business (even privately-held) would be advised to at consider the Compatibiilty Suite. The comparison feature between the 2009 taxonomy and the proposed 2011 taxonomy sounds like a particularly valuable part of the new suite.