Accounting controllers responsible for using XBRL's âelectronic bar codesâ to tag their financial statements need to map their own disclosures to the appropriate XBRL concept. With the SECâs filing requirements due to come on stream next year, and a growing number of countries utilising the XBRL standard for a wide variety of regulatory and performance reporting, the Taxonomy Library is a timely, open access tool that will simplify the process.
Built on CoreFilingâs Yeti Taxonomy Review Platform, the new service brings together over sixty individual public taxonomies from more than a dozen jurisdictions, including the recently completed US GAAP and IFRS 2008 taxonomies. It is a valuable public resource for taxonomy developers who need to browse and search through existing taxonomies, and for preparers who need a reliable search tool to support the tagging of financial statements.
âThe Yetiâs browse and search interface makes the most complex taxonomies immediately accessible, without the need to install a dedicated taxonomy tool on the desktop,â said John Turner, CEO of CoreFiling. âThe comprehensive search facilities will reduce preparation time for novice and experienced e-filers alike.â
Users can browse the taxonomies, revealing the underlying tree structures, and search the taxonomy for a specific concept, reviewing all locations where this occurs. Yeti also provides access to the references to authoritative literature defined in the taxonomies, allowing users to locate the XBRL tags for individual sections of an accounting standard. This is of particular value to e-filers preparing their disclosures and needing to map their financials to relevant concepts, and an important determinant of overall preparation time.
The Yeti Taxonomy Review Platform, which complements CoreFilingâs SpiderMonkey taxonomy editor, can be licensed for deployment within individual organisations. Existing deployments include XBRL US, where it provides the viewer for the new US GAAP taxonomies.