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US GAAP Taxonomy is an Amazing Piece of Work, Even if you Don't Use XBRL!

The US GAAP Taxonomy is an amazing piece of work, even if you don't use XBRL for financial reporting.  I mean, take a look at this information!  When I was an auditor, I would have killed for a listing of all the possible balance sheet line items or to know all those different steps within in income statement.  It was hard to figure out what the balance sheet line items were, what order they should go in, etc.  I never was that great an accountant.  Now, I have the benefit of the knowlege of lots of accountants who are a lot smarter than me.  How cool is that!

Also, I never really could figure out what came first:  Minority Interest in Net Income, Extraordinary Items, or Income from Discontinued Operations; let alone the proper terminology.  If you look at the taxoomy, it is all there.

Never before (that I am aware of) has US GAAP, or the portion used for presentation and disclosure of financial information, been organized in this manner, so comprehensively, by industry.

Or, am I missing something?

Posted on Sunday, December 9, 2007 at 05:09PM by Registered CommenterCharlie in | CommentsPost a Comment

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