The US-GAAP Taxonomy contains the standard elements, definitions, properties and references to the GAAP Codification used in XBRL detailed tagging. The taxonomy also contains information about how to structure dimensional tables for detailed tagging for many of the common disclosures.
Our XBRL team tags your document based on our understanding of your financial statements, our expertise in working with XBRL and the US-GAAP Taxonomy… plus our experience working with many clients in nearly every industry.
However, you know your company best.
If we cannot find a suitable tag, we may create an extension. (that’s what the the X in XBRL stands for – I guess EBRL did not sound high-tech enough)
XBRL offers that flexibility – to customize tags to be used in your XBRL Instance Document when a standard tag cannot be found. NOTE: creating new taxonomies limits one of the driving forces of XBRL – comparative research across the market. Only create a unique tag if none of the existing ones fit your precise reporting need. This is why we always review your peers’ files – they may have already solved this issue and we will use THAT tag.
The 2012 US-GAAP Taxonomy can be viewed with the YETI taxonomy viewer located at the FASB website. Access to the site is free and can be found here. It is important to become familiar with the taxonomy, what is in it and how it is organized.
Have a great day.
