US GAAP 2009 Taxonomy Support Announced; Reminder for SEC Webcast

Today the SEC updated their official SEC EDGAR Standard Taxonomies page to announce forthcoming support for the US GAAP 2009 taxonomies.  On the site, the SEC states that July 22, 2009 is when the EDGAR system will officially support these new taxonomies.  This means that as of that day, XBRL test/live filings based on the  the 2009 taxonomies against the EDGAR system can be done.  Until then, test/live filings can only be done using the 2008 taxonomies.

In addition to this roadmap, the SEC "strongly encourages" companies to begin working with and using the 2009 taxonomies.  I agree completely!!...but what does a company do between now and July 22nd to make sure their 2009 taxonomy-based XBRL data is mandate-ready?  I'd recommend (shameless gratuitous plugs aside...=) the Bowne Interactive XBRL Viewer as it provides not only the visual review of XBRL data but also SEC mandate-level validation when uploading files.  Give it a try and let me know what you think!

Finally, a reminder of the SEC's webcast Wednesday, June 10, 2009 starting at 12 PM ET to discuss Interactive Data Reporting Requirements.  One of the key items of interest on the webcast was going to be listening for the SEC to provide an update on support for the 2009 taxonomies.  Now that that's no longer an issue...=)...there's still lots of interesting tidbits that should be discussed.  This includes clarification around points of conflict within the EDGAR Manual, tagging guidance around topics not covered directly by the EDGAR Manual, and specific discussion on the US GAAP 2009 taxonomies themselves.

Happy tagging!

-Rob

Comments

[Jeff]

Thanks for the heads up -- was wondering when they'd give us a date, so we can stop having to tag twice in order to have a Plan A and Plan B.

Also, wanted to point out that the SEC's page that you noted above says "due to the timing of the US GAAP 2009 taxonomy being made available, companies will be permitted to use the U.S. GAAP 1.0 taxonomy in their first required submission before switching to the US GAAP 2009 taxonomy."

So, it's nice to know that those who've already done the prep work with the 2008 taxonomy don't have to panic now that the system will support 2009. You can file first time with either one, if I'm reading this straight.