DataTracks Announces FASB XBRL Implementation Guide

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DataTracks announces that Financial Accounting Standards Board (FASB) has issued the U.S. GAAP Financial Reporting Taxonomy Implementation Guide for Subsequent Events. The guide demonstrates the modeling of disclosures related to events that occur after period-end reporting date.

FASB Issues XBRL Implementation Guide for Subsequent Events

FASB Issues XBRL Implementation Guide for Subsequent Events

This guide provides more clarity on the elements and axis that we should be using to tag level 4 facts within subsequent event notes.

DataTracks announces that Financial Accounting Standards Board (FASB) has issued the U.S. GAAP Financial Reporting Taxonomy Implementation Guide for Subsequent Events. The guide demonstrates the modeling of disclosures related to events that occur after period-end reporting date.

The guide details extension of elements for the Level 4 (every fact in the notes to accounts) purposes. It includes four common subsequent event disclosures:

  • Declaration of Dividends and Issuance of Common Stock after the end of the Reporting Period
  • Modeling the Repurchase of Common Stock
  • Modeling a New Credit Facility Entered into after the end of the Reporting Period
  • Modeling a Business Acquisition Entered into after the end of the Reporting Period

It provides a structure (Subsequent Event [Axis], dimensions and elements) that should be followed for reporting numeric facts in a subsequent event. By using line item and dimension elements consistently, different events should have the same modeling structure.

The guide provides details regarding the usage of elements that have “instant period” types and elements that have “duration” period types. Duration element types are to be used when there is a starting and ending date associated to the event. Instant period type is used when the duration type occurs on a single day.

“This guide provides more clarity on the elements and axis that we should be using to tag level 4 facts within subsequent event notes. The examples are very useful to ensure we prepare XBRL filings with accurate subsequent event tags for our customers to file their filings.” commented Pramodh Vittal, General Manager, DataTracks.

DataTracks pursues several initiatives to provide the most up-to-date XBRL solutions to clients. DataTracks is also an active member of XBRL US, the national consortium for XBRL for business reporting standards. This membership helps DataTracks to stay ahead with latest developments in XBRL.

DataTracks currently offers XBRL services for US, UK and India markets and plans to extend its services to other countries in the near future.
 
About DataTracks: DataTracks US is part of DataTracks Services Limited (http://www.datatracksglobal.com), leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators worldwide. DataTracks Global prepares more than 12,000 XBRL statements per annum for filing with regulators such as SEC in United States, HMRC in the United Kingdom and MCA in India. DataTracks delivery centers are ISO 9001:2008 (Quality Management) and ISO 27001:2005 (Information Security) accredited.

Media contact: T R Santhanakrishnan, media(at)datatracks(dot)com +1 (609).257.4240 x 101

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T R Santhanakrishnan
DataTracks US
+1 (609).257.4240 101
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