Under the leadership of Scott Theis, the XBRL US Domain Steering Committee (DSC) published the first release of the XBRL Taxonomy Development Handbook (TDH). Developed over a two-year period, the TDH provides an in-depth roadmap to building effective structured data reporting systems. The handbook covers the fundamentals of the XBRL specification, data modeling and translating models to XBRL, assessing project scope, creating an appropriate data model to support reporting requirements, the mechanics of building the taxonomy, best practice in establishing a governance structure, and documenting the program to aid XBRL preparers and consumers.
Monday, July 27. 2020
XBRL US Releases Taxonomy Development Handbook
Publishing the TDH represents a critical milestone as XBRL reporting expands in the US. The handbook is a vital support for regulators or other professionals that choose to adopt the XBRL standard. Providing essential tools to ensure the development of robust XBRL taxonomies is one of the fundamental goals of XBRL US, a goal which the staff at Novaworks has striven to help them accomplish. “The XBRL community is dedicated to supporting regulators and businesses that are considering, or have already chosen to adopt, the XBRL standard. The TDH provides the first-ever, one-stop shop to learning about XBRL and how to develop an XBRL taxonomy as an answer to a data reporting challenge,” said Scott Theis, CEO of Novaworks LLC, and Chair, XBRL US Domain Steering Committee. “The staff at Novaworks contributed a substantial amount of effort, both in writing and revising the handbook, and we are very proud and pleased to see its publication. It is our profound hope that this handbook guides XBRL taxonomy developers from the beginning of their projects to those projects’ successful implementation and maintenance while generating even more interest and excitement over what XBRL can do as a data standard.”
From large industries to smaller reporting applications, the TDH can help readers evaluate their own project goals and develop a strong solution that meets project requirements while encouraging industry adoption. The TDH unites the technical specifications that have dominated XBRL documentation for years with easy to follow guidance presented in a logical fashion and complete with simple examples. Additional guidance previously prepared by the DSC can be used along with the TDH and include the XBRL US Style Guide, covering naming conventions for XBRL labels and concepts, and Taxonomy Approval Metrics, which contains standards for the development of XBRL taxonomies and supporting materials that are used in the XBRL US Taxonomy Approval Process.
The TDH can be freely accessed here. To further introduce the TDH, the DSC will hold a free webinar on August 12 at 3 ET covering the handbook and supporting materials. Register here to attend this free webinar.
Sources:
XBRL US Publishes Guidance for Regulators Building Financial Data Standards Programs (xbrl.us)
XBRL Taxonomy Development Handbook (xbrl.us)
Roadmap to Build Successful Financial Data Standards (xbrl.us)
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