Some of these new standards are eligible for early adoption by public companies for annual and interim periods ending on or prior to December 31, 2009. XBRL US has developed US GAAP Taxonomy 2009 Addendum-1 that contains the new elements and, when opened, imports the US GAAP Taxonomy 2009 so that the new elements can be used by public companies preparing their financials in XBRL format.  XBRL US has also made these new elements available in the XBRL US Review tool where visitors can review them and offer comments.

The new FASB standards incorporated include only those that are deemed critical for companies preparing financial statements before the US GAAP Taxonomy 2010 is published.  The XBRL US GAAP Taxonomy is published once each year to avoid confusion over which release should be used and to ensure the greatest comparability of data.  In the event of a substantial number of new accounting standards, XBRL US publishes an addendum taxonomy such as this one, so that companies that need to use the new FASB pronouncements do not have to create new extensions and so that every company using the new standard uses the same element.

“US GAAP Taxonomy 2009 Addendum-1 is provided to reduce the effort required to create new elements from scratch when changes in accounting standards require new line items,” said Campbell Pryde, Chief Standards Officer, XBRL US, “We are in constant dialogue with the FASB and will continue to streamline the process for preparers.”

To learn more about the new FASB pronouncements included and to view and use the new elements, visit http://xbrl.us/taxonomies/publicreviews/2009/gaapext1/Pages/default.aspx.