1. Overview
1.1. Purpose & Scope
The XBRL-US Domain Working Group is leading the development of this eXtensible Business Reporting Language (XBRL) Management Report (USRF-MR) Taxonomy for the purpose of expressing the report of management that typically accompanies publicly-held companies’ financial statements.
The purpose of the USFR-MR Taxonomy is to provide a framework for the consistent creation of XBRL documents for expressing the management report upon financial reporting by private sector and 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-CI Taxonomy is based upon US Generally Accepted Accounting Principles (GAAP). The development of the taxonomy is 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 identified by the Financial Accounting Standards Board (FASB) and other related standards organizations.
This taxonomy is part of the XBRL US Financial Reporting Taxonomy Framework and can be used in conjunction with the other taxonomies as depicted in Figure 1:
Figure 1: Interrelationship of Taxonomies and Instance Document
1.2. Taxonomy Status
The USFR-MR Taxonomy is an Approved Final Taxonomy. Its
content and structure have been reviewed by both accounting and technical teams
that comprise XBRL-US and XBRL International.
XBRL Taxonomies can exist in two states insofar as XBRL International
Taxonomy Recognition Process (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.
2. Updates and Changes
2.1.
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/taxonomy/us/fr/rpt/mr/2004-08-15/usfr-mr-2004-08-15.xsd will never change. New versions will be issued under a different name, such as http://www.xbrl.org/taxonomy/us/fr/rpt/mr/2004-12-31/usfr-mr-2004-12-31.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.
2.2.
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.