JURSIDICTION SNAPSHOT:
Country: United States
Status: Full Jurisdiction
Jurisdiction Name : xbrl.us
Website : http://www.xbrl.us
Membership Count: 45
IFRS Adoption for Public Companies: not permitted
REGULATORS:
Companies Registrar: Securities and Exchange Commission
Banking Supervisor: Federal Reserve System
Securities Regulator: Securities and Exchange Commission
PRINCIPAL EXCHANGES:
| NYSE Euronext |
| NASDAQ OMX PHLX |
| NYSE Euronext |
| Chicago Board Options Exchange |
| Chicago Mercantile Exchange |
| Chicago Stock Exchange |
| National Stock Exchange |
| NASDAQ Stock Market |
XBRL PROJECTS OVERVIEW:
| AICPA | Development |
| Bryant College | Development |
| Federal Deposit Insurance Corporation (FDIC) | Mandatory Filing |
| Federal Financial Institutions Examination Council (FFIEC) | Development |
| Financial Accounting Standards Board (FASB) | Development |
| IBM Corp Data Governance Council | Development |
| International Federation of Accountants | Development |
| Investment Company Institute | Development |
| Office of Auditor, State of Ohio | Development |
| Office of Controller, State of Nevada | Development |
| Office of State Auditor, State of Oregon | Development |
| Open Compliance and Ethics Group | Development |
| RIXML | Development |
| US Dept of Housing and Urban Development | Development |
| US Securities and Exchange Commission | Mandatory Filing |
| US Securities and Exchange Commission | Mandatory Filing |
| XBRL US | Development |
JURISDICTION MEMBERSHIP:
| AICPA |
| Allocation Solutions |
| American Financial Printing Inc. |
| BDO Seidman LLP |
| Broadridge Financial Solutions, Inc. |
| Bryant University |
| Business Wire |
| Clarity Systems |
| College of Charleston |
| CompSci Resources |
| CoreFiling |
| Data Communique, Inc. |
| Deloitte & Touche LLP |
| Depository Trust & Clearing Corporation (DTCC) |
| Drake University |
| Dun and Bradstreet Corporation (D&B) |
| EDGAR Online, Inc. |
| Ernst & Young |
| EZ-XBRL Solutions |
| Fujitsu Limited |
| GlobeTax Services |
| Grant Thornton LLP |
| Hitachi America, Ltd. |
| Iowa State University |
| Kennesaw State University |
| KPMG LLP |
| Mark V Systems Limited |
| Marketwire |
| Merrill Corporation |
| Microsoft Corporation |
| Morningstar, Inc. |
| NewRiver, Inc. |
| Pipeline Trading Systems, LLC |
| PR Newswire |
| PricewaterhouseCoopers LLP |
| Shidler College of Business, University of Hawaii at Manoa |
| SWIFT |
| Trintech, Inc. |
| UBmatrix |
| United Technologies Corporation |
| University of Iowa, Tippie College of Business |
| Wharton School, University of Pennsylvania |
| Wolters Kluwer Financial Services |
| XBRL Cloud |
| XBRLogic LLC |
PROGRESS REPORT:
It has been a busy year for XBRL US and XBRL. Since the
last progress report in Fall 2007, significant progress has
been made in taxonomy development, regulatory changes as
well as member outreach and adoption.
US GAAP Taxonomy Development
XBRL US completed the US GAAP Taxonomies, Preparers
Guide and supporting technical documentation on April
28, 2008 and made final delivery to the US Securities
and Exchange Commission (SEC). Prior to completion,
the taxonomies went through a 4 month public review
during which time the Project Team received around 1,000
comments from preparers, analysts, FASB and the SEC.
Since that time the taxonomies have been re-posted to the
XBRL US web site for ongoing public review as part of the
support and maintenance program now in place.
Regulatory Activities
This year, the SEC has demonstrated their support for
interactive data with several significant initiatives:
• May 30 – published rule proposal that would
phase in a requirement that listed companies file
in XBRL format. A final ruling is expected this Fall
and if passed as currently written the first wave of
companies would begin filing starting in Q1 2009.
The comment period closed on August 1 and over 80
comments were received.
• June 10 - proposal requiring XBRL for the risk return
summary proposals in mutual fund prospectuses.
Comment period closed August 1.
• June 16 - proposal requiring credit rating agencies to
report rating changes in XBRL format. The comment
period closed on July 25.
• June 26 – proposal requiring oil and gas tabular
information in XBRL. The comment period closed
September 8.
• August 19 – announced Interactive Data Electronic
Applications (IDEA), which will eventually succeed
EDGAR as an interactive system for investors to
access public company data. The initial modules
of IDEA will be rolled out at the same time that
companies are required to begin submitting data in
XBRL format.
Final rulings on the proposals are expected to be published
this Fall.
Ongoing Taxonomy Development
In addition to the support and maintenance program for the
US GAAP Taxonomies, XBRL US has a number of other
development projects underway. Taxonomies for the mutual
fund risk return summaries and schedule of investments,
developed under a contract with the SEC, will be published
for public review in late September and early October,
respectively.
XBRL US is currently in discussions with DTCC to develop a
prototype for a corporate actions taxonomy. These elements
are typically issued by public companies in a press release.
The corporate actions (like mergers, stock splits, dividend
announcements, etc.) are then picked up and coded by an
independent entity that then sends the data to the DTCC for
distribution.
XBRL US is also in discussions with Broadridge, an XBRL
US member that developed a proxy statement taxonomy
which was put out for a comment period last Fall. We are in
discussions to bring that collection of terms under the XBRL
US framework and to review and potentially revise.
And finally on September 12, XBRL US issued a Request
for Proposal to members and nonmembers for development
of a Consistency Checks Systems. The system will be
used to evaluate a set of consistency checks against XBRL
data submitted to the SEC, by an SEC registrant, in XBRL
format (including instance documents and XBRL extension
taxonomies).
Hosting XBRL International Event in Washington, DC
XBRL US is pleased to host the 18th XBRL International
Conference, Better Reporting for Better Decisions: by
Managers, Investors, Governments and Citizens. The event
will be held in Washington, DC on October 15-16, 2008 with
a primary focus on the securities markets in light of the recent
regulatory changes and a secondary focus on the public
sector.
For more information, visit www.xbrl.us or please contact:
Michelle Savage
Vice President, Adoption and Communication
XBRL US, Inc.