XBRL US is asking mutual fund companies, investors and users of prospectus filing information for feedback through Nov. 24 on how well their suggested data tags will work for mutual fund summaries on risk/returns and schedules of investments.
XBRL US has issued its first set of financial and business terms for those sections of mutual fund prospectuses to be tagged.
The goals, XBRL US said, is to make XML-based data tags [on] mutual fund and investment company data more useable, searchable and extractable, resulting in a higher level of accountability from mutual funds and other investment management companies, [as well as] better quality reporting, so that investors are better able to make informed and responsible decisions with confidence.
David Blaszkowsky, director of the Office of Interactive Disclosure at the Securities and Exchange Commission, which worked with XBRL US on the taxonomies, said: We strongly encourage users and producers of data for mutual funds and other investment vehicles to review and comment on these taxonomies. Interactive data will make important fund information more discoverable and usable.
The data elements, taxonomies and sample XBRL-formatted documents are now available on XBRL USs website at: http://xbrl.us/imtaxonomies
The taxonomies and Preparers Guide for the XBRL US GAAP Taxonomies can be viewed at http://xbrl.us/pages/us-gaap.aspx. Public company financial executives can find out more about how to get started creating XBRL-formatted financials, register for free educational webcast programs and get information on the breadth of tools and services available at http://www.xbrl.us/.