Comments on: As Priorities Shift, XBRL Loses Spotlight at SEC

By: Paul Wilkinson

Paul Wilkinson — Sat, 20 Jun 2009 03:29:59 +0000

XBRL US and FASB could work together to update the taxonomy in real time if that were in the best interests of investors. FASB’s due process is sufficiently leisurely that if they shared their plans with XBRL US it would be possible to issue pronouncements and tags simultaneously. There may be other reasons for annual instead of continuous updates. In any case, the FASB codification should make accounting more accessible to more people; combined with XBRL, I think we’ll see good things for business and accounting in the near future.

By: Jeff

Jeff — Fri, 12 Jun 2009 23:22:25 +0000

Based on the SEC’s webcast on XBRL this week, it sounded like their intent at this point is to update the taxonomy only on an annual basis.

By: Punya

Punya — Tue, 02 Jun 2009 04:32:40 +0000

Sir,

Is it possible to update XBRL taxonomy with every new pronouncement?

To me it looks an impossible task, currently XBRL US comes out with a new version of taxonomy once a year.

May be a possible solution could be like a guidance note on those new pronouncement (for FAS 165) stating how the elements needs to be extended. So as to fulfill the new disclosure requirements.

I am from India, our premier accounting body i.e. ICAI (Institute of Chartered Accountants of India) keeps releasing guidance note, say if there is any change in method of disclosure.

Could similar thing work, say when there is a new pronouncement or new disclosure requirements, rather than wait for a taxonomy to include them. Some guidance note could be released, so as to explain how the elements are to be extended for each of those filer companies…