Speed bumps for early XBRL adopters

The road to early adoption of XBRL has not been easy for everyone. There have been snafus, such as the Financial Accounting Standards Board's new codification of accounting standards, which is set to take effect July 1.

CFO.com notes that the new standards do not align with the current XBRL taxonomy. "That means that as of July 1, users of data-tagged reports will see references to standards that don't match up with the new codification. A new taxonomy incorporating references to the newly codified accounting rules is not expected to be released until early 2010," the magazine notes.

FASB and XBRL US are working on a temporary solution. Recall the SEC has required 500 large companies to file financials using XBRL for periods ending June 15 of this year and later. So for them, these sorts of last-minute snafus can be problematic. In fact, if a fix were released in late July, it would "likely mean that most of the first wave of XBRL filings--after those by a small group of voluntary early adopters--would contain the incorrect references," says CFO.com.

For more:
- here's the article

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