XBRL Best Practice Research Analyst
The XBRL Best Practice Research Analyst will report to the FASB XBRL Project Manager.
The mission of the FASB is to establish and improve standards of financial accounting and reporting for nongovernmental entities that provides decision-useful information to investors and other users of financial reports. As part of its mission, the FASB and the Financial Accounting Foundation (FAF) – which is the independent, private sector organization responsible for oversight, administration, and finances of the FASB – are responsible for the ongoing development, maintenance and publication of the US GAAP Financial Reporting Taxonomy (UGT).
The UGT is used by Securities and Exchange Commission (SEC) registrants for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules. The FAF/FASB activities are focused on updating the taxonomy for changes in US generally accepted accounting principles (US GAAP), identified best practices in filer taxonomy extensions, and other technical enhancements.
The FAF/FASB has a team of XBRL Best Practice Research Analysts who research, identify XBRL best practices, and implement those practices into the UGT. The team reviews SEC registrant XBRL filings, analyzes the extensions developed by the registrants, identifies common best practices, and implements those practices as improvements to the taxonomy.
In addition, the XBRL team is responsible for integrating US GAAP additions and changes into the UGT. The XBRL team works with various FASB project teams throughout the development of the standard, identifies required changes, and applies those changes to the UGT.
The FASB seeks an individual who possesses strong technical accounting and analytical skills, an affinity for research, and a desire to learn XBRL as the position is responsible for performing qualitative analysis of public company XBRL exhibits as filed with the SEC to identify common reporting practices and modeling choices for inclusion in the UGT.
The primary responsibilities of an XBRL Best Practice Research Analyst will include:
- Analyzing public company filings to understand and document how specific US GAAP disclosure requirements are met
- Investigating how public companies are using the UGT to meet US GAAP disclosure requirements
- Researching the FASB Accounting Standards Codification to support recommendations
- Developing supporting documentation for recommendations
- Recommending changes for inclusion in the UGT
- Implementing changes to the US GAAP Financial Reporting Taxonomy based on findings
The ideal candidate will have the following qualifications:
- Understanding of US GAAP for non-governmental entities, exposure to International Financial Reporting Standards a plus
- Knowledge of accounting and financial reporting with experience in multiple industries
- Experience with recently issued accounting standards and researching the FASB Accounting Standards Codification
- Experience with SEC XBRL filings a plus
- Strong interpersonal skills necessary to successfully communicate with project teams and others
- Ability to work on self-directed tasks as well as in a team-oriented environment
- Proven ability to achieve project objectives, meet deadlines, and work under pressure
- Problem-solving and analytical skills with attention to details
- Bachelor’s degree in the field of Accounting, CPA or CPA candidate required
- 2-4 years experience in public accounting and/or industry, with skills in technical accounting
- Competent with office productivity software – Microsoft Excel, Word, Outlook – and ability to quickly learn XBRL-enabled applications