What is a taxonomy in XBRL?
What is a taxonomy in XBRL?
A taxonomy is a grouping of financial concepts (known as “elements”) in which each concept is defined (similar to a dictionary). The US GAAP Taxonomies contain over 15,000 elements representing commonly reported financial concepts for US GAAP financial statements and are available and maintained by XBRL US.
What is US GAAP taxonomy?
The US GAAP Taxonomy refers to the collection of eXtensible Business Reporting (XBRL) tags used by companies for labeling the financial data that makes up financial reports and other allied disclosure statements. The US GAAP taxonomy delineates the concepts existing within a group.
What is SEC reporting taxonomy?
The 2021 SEC Reporting Taxonomy (SRT) includes elements to meet U.S. Securities and Exchange Commission (SEC) requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities.
Is GAAP used by Edgar?
On March 9, 2020, the EDGAR system was upgraded in Release 20.1. 1 and now supports the 2020 U.S. GAAP Financial Reporting, 2020 SEC Reporting, 2020 Countries, 2020 Currencies, 2020 Exchanges, and 2020 Standard Industrial Classification (SIC) taxonomies.
How do I use XBRL taxonomy?
You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.
- Choose the.
- On the XBRL Taxonomies page, select a taxonomy from the list.
- Choose the Lines action.
- Select a line and fill in the fields.
- To read detailed information about what to fill in, choose the Information action.
What is the purpose of XBRL?
XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format.
How many US GAAP standards are there?
The Generally Applied Accounting Principles are a set of ten standards, meant to maintain a certain consistency across companies’ financial statements. When accounting methods are standardized across industries, financial reports are much easier to analyze within a single business or to compare between businesses.
What is IFRS taxonomy?
The IFRS Taxonomy is a translation of IFRS Standards into XBRL (eXtensible Business Reporting Language). The IFRS Taxonomy 2021 is consistent with IFRSs as issued by the IASB at 1 January 2021, including those issued but not yet effective.
What does GAAP stand for in accounting?
Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting.
Who is using XBRL?
Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies.
Is XBRL mandatory?
The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.
What companies use XBRL?
Membership List
| Member | Jurisdiction | Country |
|---|---|---|
| Deloitte (US) | XBRL US | United States |
| Deloitte Anjin | XBRL Korea | Korea, Republic of |
| Deloitte Consulting, S.L.U. | XBRL Spain | Spain |
| Deutsche Bundesbank | XBRL Germany | Germany |
Which is the latest version of the FASB XBRL taxonomy?
Includes the 2021 and 2020 FASB XBRL DQC Rules Taxonomy and Supporting Materials. Includes the 2020 Annual Update and Supporting Materials. This update relates to improvements in accounting standards and other improvements since the 2019 taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission.
What is the purpose of XBRL in the US?
XBRL US is a not-for-profit organization supporting the implementation of digital business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration.
What are the US financial reporting taxonomy for 2017?
The 2017 U.S. Financial Reporting Taxonomy (Taxonomy) contains updates for accounting standards and other improvements since the 2016 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC). The EDGAR System has been upgraded to support the 2017 US GAAP, Country, Currency, Exchange and NAICS taxonomies.
What is the mutual fund risk / return taxonomy?
US Mutual Fund Risk/Return Taxonomy, 2012. XBRL was mandated for mutual fund Risk/Return Summary reporting by the SEC. The 2012 release of the Mutual Fund Taxonomy can be found here. 2012 US GAAP Financial Reporting Taxonomy. The 2012 US GAAP Financial Reporting Taxonomy has been accepted and supported by the SEC.