XBRL US Releases New Version of XBRL Consistency Suite

XBRL US, the non-profit consortium for XML business reporting, has released a second version of its XBRL Consistency Suite with improved functionality and additional checks that now cover detailed footnote tagging. The new version also now provides a way to compare the 2009 Taxonomy Release to the 2011 Pre-release of the US GAAP Financial Reporting Taxonomy, recently published by the Financial Accounting Standards Board (FASB). The XBRL Consistency Suite has three primary functions: it runs automated checks that help public company preparers test their XBRL documents for problems that may occur related to the use of the US GAAP Taxonomy, such as missing concepts, incorrect signs and concepts used incorrectly; it enables quick and easy peer analysis to help companies identify extensions created and concepts used by other companies within their industry; and allows preparers to compare one taxonomy release to another to streamline the XBRL preparation process. The new release features: 60% more checks that now cover detailed footnote tags in addition to the face financials; detailed information on extensions created by peer companies including name, presentation label, definition, and even presentation and calculation hierarchies that preparers can leverage in their own creation process; ability to compare disclosure notes between multiple companies; and an advanced filter for more complex searching on data in XBRL submissions. The checks were developed by the same team that developed the US GAAP Taxonomy based on their experience in developing the taxonomy and in conducting a thorough and ongoing review of XBRL submissions received into the SEC's EDGAR database.  http://xbrl.us/