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 quick and easy 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:  1) 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, 2) it enables quick and easy peer analysis to help companies identify extensions created and concepts used by other companies within their industry, and 3) allows preparers to compare one taxonomy release to another to streamline the XBRL preparation process.

"The XBRL Consistency Suite helps us ensure that our XBRL files meet the qualifications set by XBRL US," said David Froid, Sr. Financial Reporting Accountant at Linn Energy.  "When working with the Company Filing Analysis section of the XBRL Consistency Suite, the ability to export data to Excel provides tremendous efficiencies for performing peer reviews, especially with the amount of data that will be involved in the detail tagging of footnotes," he said. The new release builds on the initial offering with:

> 60% more checks that now cover detailed footnote tags in addition to the face financials so that companies can establish automated, comprehensive control steps in their process

> 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

> Advanced filter for more complex searching on data in XBRL submissions

The tool also allows public companies to compare the 2009 Release to the 2011 FASB Pre-Release.  "We want public companies to review the concepts in the taxonomy pre-release, submit comments at the FASB website, and familiarize themselves with what they will need to use in 2011.  Getting the pre-release into the XBRL Consistency Suite is a good way to get preparers to review it and compare it to the 2009 release," said Louis Matherne, Chief of Taxonomy Development, FASB. "The FAF/FASB uses the XBRL Consistency Suite in our taxonomy maintenance process to help identify best practice and research extensions and concepts used," Matherne added.

The XBRL Consistency Suite is the first tool of its kind and is designed to provide the kind of comprehensive checking that cannot be performed through manual review.  It does not include SEC or XBRL validation which are typically included in XBRL creation tools and services.  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.  For more information about the XBRL Consistency Suite, go to http://xbrl.us/csuite.