Ethics
Remediation Center
Q&A
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