Lou Rohman, Vice President, XBRL Services, Merrill Corporation | October 11, 2016
2017 US GAAP Taxonomy introduces new dimensional structures
A few weeks ago, FASB released the proposed 2017 US GAAP Taxonomy. On October 4, I attended a webinar where the FASB taxonomy team delved into some of the notable changes in the 2017 Taxonomy. I'm happy to report that the changes continue the move toward making structured XBRL data consistent, accurate and usable. It's also important that filers know there are a lot of unique changes this year -- changes that create a few entirely new methods of structuring XBRL data. These changes will require filers to pay close attention as they prepare their filings during the coming year using the new taxonomy.
A few notable, unique changes
Among the changes, the 2017 Taxonomy introduces some alternate ways to create dimensional structures in XBRL filings. These methods include:
- Enumerated lists: Allowing the creation of enumerated lists from a limited selection of allowable values
- Extensible lists: Providing a list of values for selecting extensible lists, allowing for the creation of an extension if the desired value is not included in the list, and enabling the use of other taxonomy elements as the fact values in an extensible list
- Typed dimensions: Enabling the use of typed dimensions to group related information together and express multiple dates or time periods
Are you familiar with the 2017 Taxonomy?
As I said, these new methods of structuring data will ultimately allow for more efficient consumption of the XBRL data by users. But implementing them using the 2017 Taxonomy will require some additional work, and additional thinking, for filers.
As always, Merrill's team of XBRL experts are pouring over the 2017 Taxonomy to gain a deeper understanding of every change and every new feature. I'll be sure to share any additional updates on particularly significant changes or challenges presented by the new Taxonomy.
In the meantime, I encourage you to read through the proposed Taxonomy and submit your feedback during the public comment period that extends through October 31, 2016.