News Release 10-05-09


FASB Accounting Standards CodificationTM Now Provides Users with Information about Related XBRL Elements

Codification releases enhanced functionality linking authoritative GAAP and the U.S. Financial Reporting Taxonomy

Norwalk, CT, October 5, 2009—Users of the FASB Accounting Standards CodificationTM will now find it easier to access certain information about eXtensible Business Reporting Language (XBRL) elements of the U.S. Financial Reporting Taxonomy that link to the Codification. The Financial Accounting Standards Board (FASB) today introduced the new XBRL functionality at the FASB Accounting Standards CodificationTM website ( The new functionality is designed to help preparers of XBRL financial statements identify XBRL elements that might need to be considered within those statements.

“The new XBRL functionality provided by the Codification website will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” states FASB Chairman Robert Herz. “Users will be able to very easily identify the XBRL elements associated with specific Codification paragraphs.”

On July 1, 2009, the FASB Accounting Standards CodificationTM became the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP) effective for interim and annual periods ending after September 15, 2009. The Codification provides a list of all XBRL elements that contain an electronic link to a Codification paragraph. It provides the complete XBRL element names together with all Codification paragraphs referenced by a particular XBRL element.

To ensure that the taxonomy references the authoritative literature in the Codification rather than the superseded legacy literature, XBRL-US announced in August that it had published a taxonomy extension including the Codification references. The Codification references include both the text-based Codification reference (in the form of topic, subtopic, section, paragraph, and subparagraph) and an electronic link to the related Codification paragraphs.

The Notice to Constituents (available at the Codification website) provides additional background regarding Codification references and electronic links embedded in the U.S. Financial Reporting Taxonomy.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at