Speed Bumps for new SEC Filers

There are a couple of issues that new filers will encounter under the new SEC rules. These include the fact that the FASB has renumbered its rules through its new codification, which is not reflected in the taxonomies. Also, the Edgar system will not be able to accept filings using the new 2009 US GAAP taxonomy until July 22, 20009. Some consultants are recommending that filers use the 2008 US taxonomy the first year as they are permitted to do. A write up on these speed bumps is found on the CFO website.