To develop a collection of terms for a reporting application, XBRL US assembles a project team of XBRL and subject matter experts to establish or build upon an existing data standard. The resulting collections of terms are rolled up into a single master dictionary of terms to ensure interoperability of reporting applications; the dictionary includes diverse reporting applications, e.g., US GAAP, mutual fund risk return summaries, corporate actions, etc.
Support and maintenance of the dictionary is critical to the ongoing viability of the XBRL standard and the usefulness of the data. XBRL US has established a process to develop and revise taxonomies:
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Develop the taxonomy with subject matter and XBRL experts
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Publish the dictionary of terms online and promote public review and comment
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Incorporate comments received into the taxonomy
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Release the latest version of the taxonomy for use
Development projects completed include:
First released in April 2008, the US GAAP taxonomy includes over ten thousand elements covering the primary financial statements and disclosures (each footnote plus financial and text elements within the footnotes). The 2009 Release draft was published for public comment from November 2008 until mid-January 2009. It was accepted by the Securities and Exchange Commission (SEC) and published out for use in April 2009.
The SEC mandated the use of XBRL for public company reporting in December 2008 -- the first companies to comply will begin with their June 2009 quarter.
In 2008, XBRL US took ownership of the Risk Return Taxonomy initially created by ICI (investment Company Institute) and used it as the basis for the elements describing the risk return summary portion of mutual fund prospectuses which was released in January 2009.
The Schedule of Investments taxonomy was released in the first week of January 2009. This taxonomy can be used by investment management companies and is also incorporated into the 2009 US GAAP taxonomy.
Initiatives Underway
Corporate actions data is released by public companies as news releases and prospectuses that must then be rekeyed into databases by custodians, clearing houses, investors and data intermediaries, resulting in inaccuracies, delays and substantial costs. The corporate actions taxonomy is being created in cooperation with The Depository Trust & Clearing Corporation (DTCC) and is based on data elements found in the ISO 20022 standard.
Register for a PDF white paper describing the draft RMBS taxonomy. Upon completion, this taxonomy will cover issuance, surveillance and bond remittance reporting.
Proxy Taxonomy
Broadridge Financial Solutions contributed a proxy taxonomy to XBRL US in Q4 2008. XBRL US will incorporate the taxonomy into the master digitial dictionary of terms.