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FASB Home ›› Taxonomy (XBRL) ›› A bout XBRL
2019
ABOUT XBRL 2018
Repo
2018
SHOULD Taxo
XBRL, or eXtensible Business Reporting Language, is an XML standard for CONSULT WI TH DEVE
tagging business and financial reports to increase the transparency and Y OUR OWN DEVE
accessibility of business information by using a uniform format. PROFESSI ONALS Taxo

AND Curre
This standard is maintained by XBRL I nterna tional, an international non-profit CONSULTANTS Propo
Impr
consortium of approximately 450 major companies, organizations, and AS TO
Taxo
government agencies around the w orld. I t is an open standard, provided free of (pend
license fees, and is already being used in numerous countries.
Imple
Guide
X BRL U S, the US-based organization of XBRL I nternational, supports the Frequ
implementation of XBRL in the United States through the development of the Taxo
(TAG)
digital dictionary (taxonomy) relevant for use by US public and private sectors.
XBRL US w orks to achieve interoperability betw een sectors by promoting TA

adoption of XBRL through the collaboration of all business reporting TA

participants, ranging from the preparer through the investor, including Site M
regulators, standard setters, data aggregators, accounting firms, analysts, softw
are vendors, and other stakeholders.

The US G AAP Financial Reporting Taxonomy is a list of computer-readable tags

in XBRL that allow s companies to label precisely the thousands of pieces of
financial data that are included in typical long- form financial statements and
related footnote disclosures. The tags allow computers to automatically search
for and assemble data so those data can be readily accessed and analyzed by
investors, analysts, journalists, and the SEC staff.

The SEC Rule—“I ntera ctiv e Data to I m prov e Financia l Reporting”—requires

domestic and foreign companies using US G AAP and, eventually, foreign private
issuers using I nternational Financial Reporting Standards (I FRS) to provide
their financial statements in the XBRL format as an exhibit to their periodic and
current reports and registration statements, as w ell as to transition reports
needed to be filed as a result of a change in fiscal year. Filers required to comply
are to be phased-in over 3 years, in 2 stages, beginning w ith a periodic report on
Form 10-Q, Form 20-F or Form 40-F (as applicable) containing financial
statements for a fiscal period ending on or after June 15, 2009.

The first stage for a filer requires XBRL tagging for the filer’s complete financial
statements and any required financial statement schedules, although “detail
tagging” of the footnotes and schedules are not required until the second year. I n
the second year, the filer must also include “block tagging” for each significant
accounting policy and each table w ithin each footnote. Additionally, w ithin each
footnote, each amount (i.e., monetary value, percentage, and number) must be
separately tagged. This last requirement is commonly referred to as “detail
tagging.”

THE I NFORMATI ON PROVI DED I N THI S SUMMARY DOES NOT

CONSTI TUTE LEGAL OR ACCOUNTI NG ADVI CE OR OPI NI ON AND
SHOULD NOT BE RELI ED UPON FOR ANY PLANNI NG OR COMPLI
ANCE PURPOSES. I T I S PROVI DED SOLELY AND EXCLUSI VELY
FOR GENERAL, NONSPECI FI C EDUCATI ONAL PURPOSES. Y OU
 Longer Supported (June 12, 2019)
HOW XBRL REQUI REMENTS AFFECT Y OU AND/OR Y OUR COMPANY
. FASB Adds Taxonomy Entry Points
to Address FAST Act Updates in the
2019 DEI Taxonomy (June 11, 2019)
For additional details and related guidance, see the SEC w ebsite.
FASB Staff Issues Proposed
Taxonomy Improvements for a
Proposed Accounting Standards
Update on Codification Amendments
in Response to the SEC's Disclosure
Update and Simplification Initiative
and for a Proposed Accounting
Standards Update Simplifying the
Accounting for Income Taxes (Topic
740) (May 23, 2019)

FASB Staff Issues Proposed

Taxonomy Improvements for a
Proposed Accounting Standards
Update (Revised), Income Taxes
(Topic 740): Disclosure Framework
—Changes to the Disclosure
Requirement for Income Taxes, for
Comment and Incorporates
Taxonomy Improvements for Final
Accounting Standards into the
Development Taxonomy (April 30,
2019)

SEC Accepts 2019 GAAP Financial

Reporting Taxonomy and SEC
Reporting Taxonomy (March 12,
2019)

FASB Staff Issues Update to

Frequently Asked Questions about
the U.S. GAAP Financial Reporting
Taxonomy and a Final Taxonomy
Implementation Guide on Financial
Instruments—Debt Securities
(March 6, 2019)

FASB Staff Issues Proposed

Taxonomy Improvements for a
Proposed Accounting Standards
Update on Targeted Tranisition
Relief for Topic 326, Financial
Instruments—Credit Losses and a
Proposed Accounting Standards
Update on Business Combinations
(Topic 805): Revenue from Contracts
with Customers—Recognizing an
Assumed Liability (February 14,
2019)

Video: The XBRL Data User

Perspective

Video: The GAAP Taxonomy: Why It’s

Important

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