2013 U.S. GAAP Financial Reporting Taxonomy Available for Public Review and Comment
- by Theresa Hickman
FASB recently released the proposed 2013 U.S. GAAP Reporting Taxonomy. Comments are due October 29, 2012 to be finalized and published early 2013.
The proposed 2013 U.S. GAAP taxonomy and instructions on how to submit
comments are available at the FASB’s XBRL
page.
In previous blog entries, I talked about how Oracle Hyperion Disclosure Management
supports the latest taxonomy, enabling financial managers to easily
comply with the latest filing requirements.
The taxonomy is a list of computer-readable tags in XBRL that allows
companies to annotate the voluminous financial data that is included in
typical long-form financial statements and related footnote disclosures.
The tags allow computers to automatically search for, assemble, and
process data so it can be readily accessed and analyzed by investors,
analysts, journalists, and regulators.
You do not have to have Oracle Hyperion Financial Management, used
for consolidating financial results, to generate XBRL. You just need
Oracle Hyperion Disclosure Management to generate XBRL instance
documents from financial applications, such as Oracle E-Business Suite,
Oracle PeopleSoft, Oracle JD Edwards EnterpriseOne, and Oracle
Fusion General Ledger.
To generate XBRL tags and complete SEC filings using your existing
financial applications with Oracle Hyperion Disclosure Management, here
are the steps:
Download the XBRL taxonomy from the SEC or XBRL Website into Hyperion Disclosure Management to create a company taxonomy.
Publish financial statements from the general ledger to Microsoft Excel or Microsoft Word.
Create the SEC filing in the Microsoft programs and perform the XBRL tag mapping in Oracle Hyperion Disclosure Management.
Ensure that the SEC filing meets XBRL and SEC EDGAR Filer Manual validation requirements.
Validate and submit the company taxonomy and XBRL instance document to the SEC.
Get more details about Oracle Hyperion Disclosure Management.
