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FASB Issues Draft Technical Plan
FASB has put forth a draft Technical Plan that offers a summary of important FASB issues and decisions in the third quarter of 2004. In addition, the report lays out a plan for upcoming FASB projects over the course of the next six months. These projects focus on issues such as short-term international convergence with IASB, leveraging XBRL and identifying emerging issues affecting financial reporting and implementation among others.
Click here to read the FASB Technical Plan
SEC to Consider Permitting Registrants to Submit Financial Information Using XBRL
In the October 1, 2004 Weekly Report, the AMF reported that the SEC issued a Concept Release on the possibly of using "tagged data" in registrants' EDGAR filings to improve the timeliness and accuracy of financial information. As a supplement to the Concept Release, the SEC also issued a proposed rule that would enable registrants to submit voluntary supplemental tagged financial information using the eXtensible Business Reporting Language (XBRL). As an electronic standard that provides a format for tagging financial information, XBRL allows users to extract, exchange, analyze and display financial information. In using XBRL, the Commission anticipates that there will be improved transparency of financial filings and make the Commission's Electronic Data Gathering Analysis and Retrieval ("EDGAR") System more useful the ultimate investor.
The AMF Accounting Policy Committee will discuss the Proposed Rule and Concept Release during it Committee Meeting at the AMF Quarterly Meeting on October 28, 2004.