Dataline: XBRL -- Looking back at 2010 and forward to 2011 (No. 2011-07)

Dataline 02/03/2011 by Assurance services

A final version of the 2011 U.S. GAAP Financial Reporting Taxonomy is expected to be published for official use in 2011 after the FASB has completed its update and the SEC acknowledges it as a supported taxonomy for use by filers. Also, the SEC continues to release observations and interpretations based on its evaluation of submissions from the first two phase-in groups. Preparers should take advantage of lessons learned to date as they plan to meet the upcoming requirements. This Dataline describes recent guidance provided by the SEC staff and highlights other helpful information and reminders for preparers.