The Financial Accounting Standards Board (FASB) established XBRL Industry Resource Groups (Group) – in collaboration with industry associations – with the goal of promoting completeness, consistency and comparability of financial information as included in the XBRL Exhibits filed with the SEC. To accomplish this goal, Group participants focus on improving the usability and coverage of the U.S. GAAP Financial Reporting Taxonomy (Taxonomy) for their target industry through collaboration and recommendations to the FASB.

Participants are provided with an opportunity to:

• Improve their XBRL Exhibit preparation through knowledge sharing, peer collaboration, and an increased understanding of the Taxonomy and XBRL requirements
• Have a direct impact on the Taxonomy ongoing development and maintenance process
• Promote consistency among XBRL Exhibits for the target industry
• Improve Taxonomy quality for the target industry

The feedback received by the FASB from existing Group participants is that this is an effective, educational and satisfying experience.
 

INDIVIDUAL PARTICIPATION

Individuals participating in existing Groups hold positions in SEC filer external reporting and have prepared, assisted in preparing, or reviewed SEC XBRL Exhibits for their company. This effort is focused on financial statement presentation and disclosure rather than the XBRL technology.
 

PARTICIPANT TIME COMMITMENT

Generally, Groups meet for an hour or two by conference call, approximately once per month, with an accommodation for filers during peak reporting periods. The time commitment for advance preparation will vary based on the number of participants in a Group and the Group’s agenda. Generally, advance preparation is performed by one or two individuals for each meeting on a rotating basis.
 

FACILITATOR ROLE

A Group facilitator is identified for each Group. An ideal facilitator is an organization that represents the industry. Current examples include the American Bankers Association (ABA) for the Banking / Financial Services Group and The American Council of Life Insurers (ACLI) in the case of the Insurance Group.
 

FASB ROLE

The FASB supports each Group by attending meetings, providing technical and procedural advice as requested, evaluating and offering feedback on Group recommendations, and updating the Taxonomy for agreed upon changes. Each Group establishes its own agenda.
 

EXISTING GROUPS

Currently, there are Groups for the following industries:

• Insurance (facilitator: ACLI)
• Banking / Financial Services (facilitator: ABA)
• Federal Home Loan Banks

CONTACT INFORMATION

If you would like more information about participating in an existing Group or forming a new Group, please contact:

Donna Johaneman
Senior Project Manager-XBRL
Financial Accounting Standards Board
801 Main Avenue
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5202
Fax (203) 849-9714
Email: djjohaneman@fasb.org

Vickie Lusniak
Manager-XBRL Communication Liaison & Education Support
Financial Accounting Standards Board
801 Main Avenue
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5214
Fax (203) 849-9714
Email: valusniak@fasb.org