The Financial Accounting Standards Board has released a new guide to a feature of Extensible Business Reporting Language known as extensible lists

FASB’s Proposed Taxonomy Implementation Guide, Extensible Lists: A Guide for Preparers explains an XBRL design feature known as extensible lists. The lists permit the definition of concepts from a predefined list of values. Filers can use them to communicate information using base or extension taxonomy elements as facts.

The guide, which is mainly aimed at any party responsible for information in an SEC XBRL filing, offers information to users of the U.S. GAAP Financial Reporting Taxonomy on the purpose of the extensible lists feature, its intended uses, and the modeling of disclosure requirements while using the feature.

FASB is looking for feedback on whether the guide is useful, whether users agree with the definitions for the glossary terms, and if users agree with the examples provided in the guide to explain when to use dimensions and when to use extensible lists. The public comment period for the guide will end on Sept. 21, 2020.

Comments can be sent directly to FASB. The SEC staff encourages filers, investors, analysts, software service providers and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.