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 Remediation Center

Filing in XBRL Using the New Codification
A     t the request of subscribers, Compli-
      ance Week offers a Remediation Cen-
ter, in which readers can submit questions
                                               Accounting Standard No. 95, Paragraph 7)
                                               and the new Codification (ASC 210-10-45-
                                               1). Clicking on the link provided on the dis-
                                                                                                for further XBRL software developments
                                                                                                to make the linkage easier to use.
                                                                                                    For the remainder of 2009, use all avail-
anonymously to securities and accounting       play will bring you to a FASB log-in page        able resources to choose the closest account-
experts. Compliance Week’s editors will        for the Codification. Once logged in, the        ing fit between your company’s accounting
review all questions and then submit them      link will take you to Section 210-10-45-1 of     and the XBRL element in the 2009 taxon-
to specialists who can address the issues in   the Codification, which will display infor-      omy. That should include tracing the links
detail.                                        mation about the classification of current       back to the Codification to ensure there are
                                               assets.                                          no accounting conflicts.
QUESTION                                           Here’s what XBRL U.S. says about the             To answer your second question: Yes,
    I’m in charge of external reporting at     new links in the reference database that         FASB, the SEC, and XBRL U.S. have all
my company, a Fortune 500 business, and        point to Codification:                           been cooperating since 2006 regarding
I’m at a loss about this XBRL business.            “[F]iles are for information purposes        Codification and the U.S. GAAP taxono-
I know the SEC wants us to start filing        and are not recognized as part of the official   my. The XBRL taxonomy for 2009 was au-
XBRL-tagged exhibits with our quarter-         2009 taxonomy by the SEC. The Codifica-          thored by XBRL U.S., reviewed by FASB,
ly statements, and I had been planning to      tion linkbase file should not be referenced      and released earlier this year to the SEC.
use the taxonomy for U.S. Generally Ac-        as part of a company’s filing as it will not     The SEC worked from April through July
cepted Accounting Principles published         be recognized by the SEC EDGAR system.           to make adjustments to permit the SEC ED-
by XBRL U.S. But now I find out that           Codification files can be used by both con-      GAR system to accept the new taxonomy.
the taxonomy isn’t compatible with the         sumers of XBRL data and by filers as refer-          When Codification replaced the old
new Accounting Standards Codification,         ence information to understand the origin        GAAP hierarchy on July 1, the updates
and XBRL U.S. won’t have a replacement         of individual elements.”                         were not ready to be inserted in the official
taxonomy out until 2010!                           In other words, the official XBRL ref-       taxonomy nor to be accepted by the SEC
    So, two questions: Any advice on what      erence database in the 2009 taxonomy will        EDGAR system. The only additional step
I should do right now? And more broad-         not contain FASB Codification references.        that could be taken at this point is for the
ly—aren’t these people talking to each         There will, however, be a link to the new        SEC to create a new refer
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