XBRL Fundamentals: Transitioning to a New Release of the Taxonomy
Companies report using taxonomies. These taxonomies reflect Generally Accepted Accounting Principles (GAAP) at the time they are published. As GAAP is updated to reflect new standards, new taxonomies are developed accordingly. To ensure effective governance and communication of its story, a company must be able to transition to new taxonomies.
During this course, you will:
- Understand the reasons new releases of the taxonomy are issued
- Understand the timing of the transition of new taxonomies
- Review the process for updating and steps to transitioning to a new release of the taxonomy
- Understand the resources available during the process
Advanced Preparation: None
This course is part of the XBRL U.S. GAAP Certificate Program
NOTE: Information provided in the Certificate Program teaches application of tagging XBRL financial statements even though content may or may not be based on the most current release of the US GAAP Taxonomy. The Securities and Exchange Commission requires companies to use an approved taxonomy. Filers are responsible for checking the Securities and Exchange Commission's website for the most current release.