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How Do Firms Address Multiple Taxonomy Issues?

  • Zane Swanson
  • George Durler
  • William Remington

Abstract

As a matter of course in international business, multinational firms produce reports according to different taxonomies for the same entity. However, the relation between US and IFRS taxonomies is nontrivial. There are some exact correspondences of accounts and some accounts which lack congruence. This issue is complicated by the need to have different industry taxonomies applicable to different reporting needs in different countries. The source of the differences is the different regulatory accounting approaches to economic events. This paper addresses these taxonomy issues, both generally and with a case example of a specific firm. Investors, companies, and regulators have the need to reconcile statements produced under alternative taxonomies. This problem is not restricted to this one issue. For example government authorities create XBRL taxonomies for banking purposes and then need to reconcile with generally used Generally Accepted Accounting Principles (GAAP) taxonomies from different jurisdictions.

Keywords

Intangible Asset Income Statement Generally Accepted Accounting Principle Financial Account Standard Board Line Item 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Deutscher Universitäts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2007

Authors and Affiliations

  • Zane Swanson
    • 1
  • George Durler
    • 1
  • William Remington
    • 1
  1. 1.Emporia State UniversityUSA

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