US GAAP Taxonomy 2009 Tips, Tricks, and Traps (Soming soon, maybe)
Not sure if I am going to take the time to create a tips, tricks, and traps document for the 2009 version of the US GAAP Taxonomy. Other resources are available. The 2008 version can help you understand how to read the 2009 version of the taxonomy.
US GAAP Taxonomy 2008 Tips, Tricks, and Traps (DRAFT)
Please note that this document is a work in progress, but quite usable at this time. Updated versions will be provided periodically, probably about every two weeks. The document should be completed by the end of September 2008. If there are specific comments, questions, or other feedback please contact the authors.
US GAAP Taxonomy Tips, Tricks, and Traps (DRAFT of 2008-08-07) New!
There are three key sections of the document.
- A framework is provided to help the reader understand the US GAAP Taxonomy.
- Tips, tricks and traps which relate to the entire taxonomy are provided.
- Tips, tricks and traps are provided for individual networks (i.e. extended links)
Currently, information is provided for 32 of the approximately 60 networks which make up the commercial and industrial companies entry point of the UGT. Over the weeks, the incomplete networks will be added. There are no plans to provide this information for other entry points (i.e. banking and savings institutions, brokers and dealers in securities, insurance companies, real estate companies).
ABSTRACT:
This document provides tips, tricks, and traps for users of the US-GAAP Taxonomy. Its purpose is to increase the effectiveness of those working with interactive data (XBRL and the US GAAP Taxonomy). Related to this purpose, we also highlight inconsistencies and other issues within the US GAAP Taxonomy, helping users identify and work around issues. We also hope these observations will speed along any necessary adjustments to the taxonomy as well as any necessary improvements to the preparer's guides and other documentation such as perhaps the SEC EDGAR Filer Manual.
For accounting professionals, this document will help you understand and make use of the US-GAAP taxonomy as implemented. For the US-GAAP taxonomy user community in general, it will clarify and bring close the goals of interactive data compatibility, and financial reporting accuracy and comparability.
One objective of this guidance is to make this separate guidance unnecessary in the future. The underlying objective is a taxonomy, user guidance, and software applications which works together to provide an acceptable experience to the business user. Business users will know when this objective has been achieved.
Information in this document is summarized in the form of specific tips, tricks, and traps. These tips, tricks, and traps are intended to help those who already understand XBRL to understand it better. For those who have never been exposed to XBRL, these tips, tricks, and traps will make gaining that understanding easier. Time is spent comparing and contrasting different sections of the taxonomy in order to see how they are similar and how they are different. Using a metaphor, the guidance also helps users of the taxonomy who are adept and can see the trees; to also understand that there is also a forest to consider.
This document assumes that its readers are CPAs, CFAs, and others with a good accounting and financial reporting background but who are trying to use the US GAAP Taxonomy and interactive data (i.e. XBRL as implemented by the US GAAP Taxonomy), probably for the first time. No technical knowledge is necessary to understand this document, but technical knowledge of XBRL will certainly help you get the most out of the document. This document may also be useful to technical users trying to understand how business users make use of the US GAAP Taxonomy.
