As you know, the Financial Accounting Standards Board (FASB) annually updates the XBRL US GAAP Taxonomy in regards to modifications in accounting standards as well as to make slight tweaks based on filing best practices. It is expected that the SEC will accept the 2013 version in a matter of days.
What does this mean for your next XBRL filing?
If you are currently filing based on the 2012 Taxonomy, it has no immediate impact. If you are still working with the 2011 taxonomy, you will need to update your accounting practices to either 2012 or 2013. The SEC will only recognize two UGT versions at a time.
If your most recent XBRL file was based on 2011, your account manager will contact you to discuss your migration.
Here is the FASB main page for the 2013 taxonomy information. (Hey! Is that Mary Jo White on the right? She sure looks happy to be out of the Senate confirmation!)
Have a great day.
This is good. To the point as always.
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