XBRL-US Domain Working Group
US GAAP
Investment Management Taxonomy
Release Type: Approved
Summary Taxonomy Information:
This is the home page of the US GAAP – Investment Management Taxonomy. Below is summary information for this taxonomy:
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Status |
Final |
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XBRL version |
XBRL Specification 2.1 Recommendation dated 2003-12-31 (with Corrected Errata through 2005-04-25) |
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Release type |
Approved |
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Issue date |
2005-06-28 (June 28, 2005) |
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Issued by |
XBRL-US |
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Name |
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Description |
This financial reporting taxonomy is intended to provide detail level accounting terms and reporting structures required by certain US GAAP-based investment management companies in order to tag financial statements in XBRL. |
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Namespace identifier |
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Recommended namespace prefix |
us-gaap-im |
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Relationship to other XBRL taxonomies |
This taxonomy imports key elements of the United States (US) Financial Reporting (FR) Taxonomy Framework in order to create an industry-level taxonomy for banking and savings institutions. Click here to view a graphical representation of how this taxonomy fits into the US Financial Reporting Taxonomy Framework. |
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Physical location of taxonomy components |
Schema: Presentation linkbase: Calculation linkbase: |
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Explanatory notes |
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Printout of taxonomy elements |
Elements Listed by Label PDF, HTML Elements Listed by Name HTML |
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Sample instance documents |
Note
and Disclaimer: These XBRL documents are presented solely as theoretical examples of
XBRL application and should not be used or relied upon for any other
purpose. XBRL-US makes no representation as to their accuracy or
completeness, nor that they fairly represent the financial
disclosure(s) of any financial reporting entity, public or
private. Further, neither XBRL-US nor its members have audited,
reviewed, compiled or performed any other professional service in regard to
the XBRL documents referenced below, nor in regard to any electronic document
from which such current document was prepared, nor any schemas, linkbases or
other meta data included therein or to which they refer. We offer no opinion about the correctness, completeness, timeliness, accuracy
nor any other characteristic of this XBRL document, documents from
which it was prepared, nor any schemas, linkbases, or other meta data to
which they refer. Users should find the original document, if such
document exists, and read all disclaimers or opinions therein.
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All DTS files |
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Contact |
Brad Homer |
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Incompatible taxonomies |
There are no known taxonomies that are inherently incompatible with the taxonomies of the USFRTF. |
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Defined roles |
Description: General Fund
Information Description: Shareholder Expense
Example Description: Portfolio of
Investments Description: Statement of Assets
and Liabilities Description: Statement of
Operations Description: Statement of Changes
in Net Assets Description: Statement of Cash
Flows – Indirect Method Description: Financial Highlights Description: Notes to the
Financial Statements Description: Tuple Content Models
– Common Terms Description: Tuple Content Models
– Financial Services Terms |
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Errors |
N/A |
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Copyright and license
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Copyright © 2005
XBRL-US® All Rights Reserved. This taxonomy and translations of it may be copied and furnished to others, and derivative works that comment on or otherwise explain it or assist in its implementation may be prepared, copied, published and distributed, in whole or in part, without restriction of any kind, provided that: 1. The above copyright notice and this paragraph are included on all such copies and derivative works. 2. A link or URL to the original taxonomy is included in all such copies and derivative works. However, this taxonomy itself may not be modified in any way, such as by removing the copyright notice or references to XBRL International or other organizations, except as required to translate it into languages other than English. Members of XBRL International and the taxonomy owners agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). The name and trademarks of XBRL International may NOT be used in advertising or publicity pertaining to this document or its contents without specific, written prior permission. Title to copyright in this document will at all times remain with copyright holders. By using and/or copying this taxonomy, you (the licensee) agree that you have read, understood, and will comply with the terms and conditions set out in this document and in the Copyright, Intellectual Property and Trademarks documents on www.xbrl.org/legal This taxonomy and its associated files are provided on an "AS IS" basis and XBRL INTERNATIONAL AND THE OWNERS OF THE TAXONOMY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY THAT THE USE OF THE INFORMATION HEREIN WILL NOT INFRINGE ANY RIGHTS OR ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Recipients of this taxonomy are invited to submit, with their comments, notification of any relevant patent rights and copyrights of which they are aware and to provide supporting documentation. The attention of users of this taxonomy is directed to the possibility that its use may require use of an invention covered by patent rights. XBRL International and the owners of the taxonomy shall not be responsible for identifying patents for which a license may be required by this taxonomy, or for conducting legal inquiries into the legal validity or scope of those patents that are brought to its attention. This taxonomy is prospective and advisory only. Prospective users are responsible for protecting themselves against liability for infringement of patents. XBRL International and the owners of this taxonomy takes no position regarding the validity or scope of any intellectual property or other rights that might be claimed to pertain to the implementation or use of the technology defined by implied by the taxonomy or the extent to which any license under such rights might or might not be available; neither do they represent that they has made any effort to identify any such rights. Members of XBRL International agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). |
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Warranty |
ALL PARTIES ACKNOWLEDGE THAT ALL INFORMATION PROVIDED AS PART OF THIS TAXONOMY OR ITS ASSOCIATED FILES IS PROVIDED “AS IS” WITH NO WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, AND THE PARTIES EXPRESSLY DISCLAIM ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, NONINFRINGEMENT, OR TITLE, OR ANY WARRANTY OTHERWISE ARISING OUT OF ANY PROPOSAL, RECOMMENDATION, OR SAMPLE; OR ANY WARRANTY THAT THE USE OF THE CONTENTS OF THE TAXONOMY OR ITS ASSOCIATED FILES WILL NOT INFRINGE ANY THIRD PARTY PATENTS, COPYRIGHTS, TRADEMARKS OR OTHER RIGHTS. |
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Limitation of liability |
IN NO EVENT WILL XBRL INTERNATIONAL OR THE OWNERS OR AUTHORS OF THE TAXONOMY BE LIABLE TO ANY USER OR ANY THIRD PARTY FOR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST PROFITS, LOSS OF USE, LOSS OF DATA OR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR SPECIAL DAMAGES, WHETHER UNDER CONTRACT, TORT, WARRANTY OR OTHERWISE, ARISING IN ANY WAY OUT OF THE USE OF THIS TAXONOMY OR ITS ASSOCIATED FILES, OR THE PERFORMANCE OR IMPLEMENTATION OF THE CONTENTS THEREOF OF ANY TYPE WHATSOEVER, WHETHER OR NOT SUCH PARTY HAD ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. |
Copyright © 2005 XBRL-US® All Rights Reserved.
Copyright © 2005 AICPA® All Rights Reserved.
The XBRL Logo is a registered trademark of XBRL International ® All Rights Reserved, used with permission.
XBRL International liability, trademark, document use, and software licensing rules apply.
XBRL US Domain Working Group Chair:
Editors of the Taxonomy (listed alphabetically):
Walter Hamscher, Standard Advantage
Charlie Hoffman, CPA, UBMatrix
Steve Hirt, CPA, PricewaterhouseCoopers
Brad Homer, AICPA
Gary Mancini, Merrill Corporation
Richard Morris, Fidelity Investments
Kevin Mullay, Confluence
Yossef Newman, CPA, Deloitte & Touche
Miho Saito, PricewaterhouseCoopers
Sal Schiavone, Fidelity Investments
Matthew Slavin, Ernst & Young
Abstract
This Taxonomy Documentation describes the eXtensible Business Reporting Language (XBRL) US Financial Reporting Taxonomy: US GAAP Investment Management (US-GAAP-IM). The US-GAAP-IM taxonomy has been prepared by the XBRL-US Domain Working Group, with feedback from other members of XBRL International and interested parties outside of the XBRL Consortium.
This US-GAAP-IM taxonomy is compliant with the XBRL 2.1 Specification, dated 2003-12-31 and follows the guidance prescribed in the Financial Reporting Taxonomy Architecture 1.0 (FRTA). It is a taxonomy created by combining other taxonomies in the US Financial Reporting Taxonomy Framework. Specifically, the US-GAAP-IM Taxonomy represents financial reporting detail ranging from General Fund Information to the Portfolio of Investments and Financial Highlights used to create XBRL instance documents for investment management companies.
This document assumes a general understanding of accounting and XBRL. If the reader desires additional information relating to XBRL, the XBRL International web site (http://www.xbrl.org) is recommended.
1. Overview
1.1. Purpose
The
XBRL-US Domain Working Group has developed the XBRL
This US-GAAP-IM taxonomy is designed to facilitate the creation of XBRL instance documents that reflect business and financial reporting for investment management companies according to the Financial Accounting Standards Board, the Securities and Exchange Commission and other generally accepted accounting principles. The purpose of the US-GAAP-IM taxonomy is to provide a framework for the consistent creation of XBRL documents for financial reporting purposes by public sector entities. The purpose of this and other taxonomies produced using XBRL is to supply a framework that will facilitate data exchange among software applications used by companies and individuals as well as other financial information stakeholders, such as lenders, investors, auditors, attorneys, and regulators.
The authority for this US-GAAP-IM taxonomy is based upon US Generally Accepted Accounting Principles (GAAP). The development of the taxonomy was based upon input from accounting firms, technology companies and other domain experts in the field of financial reporting. In addition, the specific content of the taxonomy is based upon standards established by the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) and other related standards organizations.
The particular disclosures in this US-GAAP-IM Taxonomy model are:
1. Required by registered investment companies under the Investment Company Act of 1940
2. Typically represented in AICPA model financial statements, checklists and guidance materials as provided from each of the major international accounting firms.
3. Found in common reporting practice, or
4. Flow logically from items 1-3, for example, sub-totals and totals.
1.2. Taxonomy Status
The US-GAAP-IM taxonomy is an Approved taxonomy. Its content and structure have been reviewed by both accounting and technical teams that comprise XBRL-US and XBRL International. The US-GAAP-IM taxonomy complies with the Financial Reporting Taxonomy Architecture 1.0 (FRTA) and XBRL Specification Version 2.1 dated 2003-12-31.
The US-GAAP-IM taxonomy achieved approved status under the XBRL Taxonomy Recognition Process (TRP) 2004. XBRL Taxonomies can exist in two states insofar as XBRL International TRP is concerned:
- Acknowledged – A royalty-free taxonomy that the creators have asked XBRL International to list at XBRL.org; XBRL International confirms only that the taxonomy is compliant with the XBRL specification and is available free of royalties. This classification indicates to the business user the degree of endorsement by XBRL International.
- Approved – A taxonomy which is technically compliant with XBRL, is available on royalty free terms, follows best practices prescribed by XBRL International (e.g. FRTA) and either has been developed by XBRL International itself or that has followed a public review process similar to XBRL International's own.
1.3. Scope of Taxonomy
These taxonomies are intended for certain investment management companies that; (1) report under FASB standards and (ii) have relatively common reporting elements in their financial statements. The taxonomies are primarily designed for use by open and closed -end investment companies (mutual funds). The taxonomy is not designed to (but may in part) be suitable for unit investment trusts (UITs), common (collective) trust funds, investment partnerships, certain separate accounts of life insurance companies or offshore funds.
In practice, even companies within the design scope may require additional taxonomies. These additional taxonomies may be necessary to identify the particular needs of:
- National jurisdictions for those companies that require a non-US GAAP standard as the core financial standards setting foundation and may include supplementary reporting requirements or prevent use of available options by local accounting standards setters as well as stock exchanges etc.
- National industry or common practice, for example, tax or credit reporting.
- An individual company
These extension taxonomies will either extend the US-GAAP-IM taxonomy to meet the particular reporting requirements of that industry, country or company and/or restrict by limiting the use of particular US-GAAP-IM taxonomy elements.
The inter-relationships of the various taxonomies are show in Figure 1.
Figure 1: Interrelationship of Taxonomies and Instance Document
The IM taxonomy provides the ability to report content that public sector entities typically report in annual, semi-annual or quarterly financial disclosures. Specifically, the taxonomy includes coverage of the following areas of reporting:
- General Fund Information
- Shareholder Expense Example
- Portfolio of Investments
- Statement of Assets and Liabilities
- Statement of Operations
- Statement of Changes in Net Assets
- Statement of Cash Flow – Indirect Method
- Financial Highlights
- Notes to the Financial Statements
2. Overview of Taxonomy
2.1. Taxonomy Structure
The US-GAAP-IM taxonomy contains almost 600 unique, individually identified pieces of information related to financial reporting. All of these elements are contained in the usfr-fste and usfr-ime taxonomies and are “imported” or “included” in the US-GAAP-IM taxonomy. The XML schema file at the heart of the US-GAAP-IM taxonomy provides a straightforward listing of the elements in the taxonomy. The US-GAAP-IM linkbases provide the other information necessary to interpret (e.g. label and reference linkbases) taxonomy elements or place a given taxonomy element in context of other taxonomy elements (e.g. calculation and presentation linkbases).
The application of a metaphor assists in understanding taxonomies. The US-GAAP-IM taxonomy is organized using a financial statement metaphor. This organization is used because it is understood by most accountants who use it to organize their audit working papers; to put the notes to the financial statements in order and in a variety of other uses. This metaphor is also familiar to the users of financial statements.
However, this metaphor and organization somewhat limits an understanding of the power behind an XBRL taxonomy. A taxonomy has multiple “dimensions”. Relationships can be expressed in terms of definitions, calculations, links to labels in one or more languages, links to one or more references, etc. The metaphor used expresses only one such relationship.
The US-GAAP-IM taxonomy is divided logically into sections that correspond to typical US GAAP financial statement components. While there is no true concept of “sections” in the taxonomy, their purpose is to group similar concepts together and facilitate navigation within the taxonomy.
2.2. Label Languages
Currently, labels for taxonomy elements are provided in English. In the future, taxonomy labels could be expressed in additional languages as required.
2.3. References
This Taxonomy provides references to FASB and other relevant standards. Figure 3 shows an example of the reference elements are used in this taxonomy, using “FASB 142, subparagraph 23” to illustrate how a reference is matched to these elements:
Figure 3: Reference Naming Structure
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Name: |
FASB |
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Number: |
142 |
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Paragraph: |
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Subparagraph: |
23 |
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Clause: |
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Authoritative reference information used throughout the taxonomy relies on a series of acronyms. The following list provides an overview of the acronyms used commonly throughout the authoritative references:
Acronyms by Organization:
- Accounting Research Bulletin (ARB)
- AICPA Opinion and Interpretation
- Industry Audit and Accounting Guide (AAG)
- Statement of Position (SOP)
- Practice Bulletin (PB)
- AICPA Accounting Interpretation (AIN)
- AICPA Accounting Principles Board Statement
- AICPA Issues Papers
- AICPA Technical Practice Aids (TPA)
FASB
- Accounting Principles Board Opinion (APB)
- Statement of Financial Accounting Standard (FAS)
- FASB Interpretation (FIN)
- FASB Technical Bulletin (FTB)
- Emerging Issues Taskforce (EITF)
- Implementation Guide (Q&A)
- FASB Staff Position (FSP)
- Current Text (CT)
- Accounting Principles Board Statements (APS)
- FASB Financial Accounting Concepts (CON)
SEC
- Regulation S-X (SX)
- Article 9 (ART 9)
- Article 4 (ART 4)
- Regulation S-K (SK)
- Regulation S-B (SB)
- Regulation S-T (ST)
- Staff Accounting Bulletins (SAB)
- Regulation T (Reg T)
- Staff Position (SP)
- Financial Reporting Release (FRR)
- Staff Legal Bulletin (SLB)
- SEC Industry Guide
OTS
- Federal Regulation (FR)
Acronyms Alphabetically:
AAG Industry Audit and Accounting Guide AICPA
AIN AICPA Accounting Interpretation AICPA
APB Accounting Principles Board Opinion FASB
APS Accounting Principles Board Statements FASB
ARB Accounting Research Bulletin AICPA
ART 4 Article 4 SEC
ART 9 Article 9 SEC
CON FASB Financial Accounting Concepts FASB
CT Current Text FASB
EITF Emerging Issues Taskforce FASB
FAS Statement of Financial Accounting Standard FASB
FIN FASB Interpretation FASB
FR Federal Regulation OTS
FRR Financial Reporting Release SEC
FSP FASB Staff Position FASB
FTB FASB Technical Bulletin FASB
PB Practice Bulletin AICPA
Q&A Implementation Guide FASB
Reg T Regulation T SEC
SAB Staff Accounting Bulletins SEC
SB Regulation S-B SEC
SK Regulation S-K SEC
SLB Staff Legal Bulletin SEC
SOP Statement of Position AICPA
SP Staff Position SEC
ST Regulation S-T SEC
SX Regulation S-X SEC
TPA AICPA Technical Practice Aids AICPA
3. Reviewing This Taxonomy
There are a number of approaches to reviewing the taxonomy both from an accounting and technical XBRL perspective. For more information on reviewing taxonomies, reviewers should read the Reviewer’s Guide to Financial Reporting Taxonomies 1.0 as published by XBRL-US.
4. Sample Instance Documents
Sample instance documents have been provided for each industry taxonomy, which may be useful in helping you understand how the taxonomy works and is intended to be used. If you are confused by something in the taxonomy, look for that information in the sample instance documents to see if the context helps explain the taxonomy content.
5. Updates and Changes
5.1. Updates to this Taxonomy
This taxonomy will be updated with revisions for errors and new features within the following guidelines:
· Since financial statements created using a taxonomy must be available indefinitely, the taxonomy must be available indefinitely. All updates will take the form of new versions of the taxonomy with a different date. For example, the taxonomy http://www.xbrl.org/us/fr/gaap/im/2005-02-01/us-gaap-im-2005-06-28.xsd will never change. New versions will be issued under a different name, such as http://www.xbrl.org/us/fr/gaap/im/2006-12-31/us-gaap-im-2006-12-31.xsd. This will ensure that any taxonomy created will be available indefinitely.
- It is anticipated that this taxonomy will be updated as required to incorporate changes in generally accepted accounting principles and business reporting norms.
5.2. Comments and Feedback
Comments and feedback on either accounting concepts within the taxonomy or technical aspects of the US Financial Reporting Taxonomy Framework are welcome, particularly ideas to improve this taxonomy. If you have a comment or feedback or wish to report an error, email comments to Brad Homer (bhomer@aicpa.org).
Detailed responses will not be provided for every comment submitted, however a summary of which feedback has been incorporated will be provided.