On November 19th, XBRL US released the Taxonomy Development Handbook for public review. The handbook is a comprehensive guide that directs regulators, industry experts, and businesses through a practical roadmap to building high quality data standards with XBRL. This freely available, foundational document takes readers through the necessary stages of standards development, including: 1) building the appropriate transport data model, 2) assessing project scope, including use cases and requirements, 3) establishing a governance structure, 4) documenting the standards program, and 5) the step-by-step mechanics of building the taxonomy. The handbook also contains an introduction to the XBRL financial data standard, templates to guide developers in documenting the taxonomy, and case studies of XBRL as a method of improving data reporting in various industries.
Friday, November 22. 2019
XBRL US Releases Taxonomy Development Handbook for Public Comment
The Taxonomy Development Handbook was developed by the XBRL US Domain Steering Committee (DSC), under the leadership of Scott Theis, CEO of Novaworks, LLC and chair of the DSC. About the Handbook, Theis noted, “We are seeing increasing demand for data standards in reporting by governments and businesses. The Taxonomy Development Handbook is designed to offer a clear and practical path to support the creation of standards programs that produce unambiguous, machine-readable data. We encourage members and nonmembers alike to review and comment during this review period so we can improve upon it further.”
The handbook is designed to be used in conjunction with the XBRL 2.1 Specification and with other materials developed by the XBRL US DSC, such as the XBRL US Style Guide (a guide to language for creating standardized concepts and labels) and the Taxonomy Approval Metrics and Process (a checklist used in the XBRL US Taxonomy Certification Process).
The public review period will last for sixty days, ending on January 20th, 2020. The read the Handbook and comment, visit this link. Note that an account with XBRL US is required to leave a comment. In addition, XBRL US will be holding two webinars to discuss and review the Taxonomy Development Handbook. The first webinar, led by Scott Theis, will be held at 3:00 pm EST on Wednesday, December 11th. This XBRL US members-only webinar should last about an hour and will also cover how members can participate in the public review. The second webinar, which is open to the public, will occur on January 8th at 3 pm EST and cover similar topics. You can register for these webinars through XBRL US at this link for the December event and this one for the January webinar.
Sources:
Standards Development Handbook Published for Comment by XBRL US (xbrl.us)
Taxonomy Development Handbook Public Review - First Webinar (xbrl.us)
Taxonomy Development Handbook Public Review - Second Webinar (xbrl.us)
XBRL Taxonomy Development Handbook (xbrl.us)
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