THE FASB XBRL FELLOWSHIP
June 2005
The FASB XBRL Fellowship is a special opportunity for senior public accountants to
actively participate in the ongoing improvement of the financial accounting standardsetting process by exploring the ways that the FASB can best leverage the eXtensible
Business Reporting Language (XBRL). XBRL Fellow candidates who are nominated by
their firms are expected to be considered for partnership within two or three years from
the beginning of their terms, or be recently appointed partners. We prefer that candidates
have a minimum of nine years professional experience with strong interpersonal and
communication skills and educational/training skills. A combination of solid technical
accounting knowledge and a desire to see the financial reporting process embrace the
opportunities that XBRL presents is also anticipated. The XBRL Fellow should have an
excellent grasp of the potential business and policy impacts of XBRL. The Fellow need
not be an IT technical specialist, however, a deep understanding of the capabilities of a
variety of mainstream accounting software packages would be very beneficial.
This XBRL Fellowship role (XBRL Fellow) will be a two year program at the FASB with
the understanding that the incumbent will return to his or her firm at the end of that
period. The XBRL Fellow may initiate projects that may last for more than two years.
The XBRL Fellow will be involved in a variety of projects, acting as a consultant to
FASB staff and answering questions about the application of XBRL in the preparation
and application of accounting standards posed by FASB staff and Board members,
preparers, auditors, regulators and other relevant supply chain participants.
The XBRL Fellow's primary responsibility is to carry out the activities as outlined in the
“FASB & XBRL Action Plan” (Action Plan) document including the following:
 Providing ongoing education and awareness about XBRL for FASB Staff and
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Board Members.
Managing the conduct of XBRL related efforts, including initiatives such as a due
diligence on behalf of the FASB representatives. (Coordinating and reconciling
comments from the FASB for the US GAAP taxonomies submitted during the
public comment period.)
Co-ordinating FASB input into the development of GAAP taxonomies by XBRLUS or other XBRL efforts.
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Working with the IASB on the integration of XBRL in the various convergence
projects of the two Boards.
Developing policy recommendations for the Board about the role that XBRL
should play in the standards setting activities of the FASB.
Coordinating other relevant XBRL resources to assist in the discussions, projects
and other activities as outlined above.
Facilitating similar awareness and outreach programs for a range of other key
bodies, such as the EITF, the SEC, the PCAOB, the FASAC, the SBAC,
legislators, and other industry bodies that are directly related to the FASB’s plans
in this field.
It is also anticipated that the XBRL Fellow will provide feedback to the XBRL
community about matters that are relevant to the FASB and other similar standardsetting bodies in other jurisdictions.
BENEFITS OF THE PROGRAM
For the Individual ... the most obvious benefit is that the XBRL Fellow will broaden their
knowledge of accounting and financial reporting, the FASB standard-setting process, and
how XBRL may play a pivotal role in the future direction for financial and business
reporting. Additionally, the XBRL Fellow will have the opportunity to enhance their
communications and problem-solving skills as they work with FASB representatives to
discuss, educate, assess and formulate matters related to XBRL. In working with the
Board and staff, they will be called upon to address XBRL topics, and applications within
the financial and business reporting processes as well within the FASB standard-setting
processes. The XBRL Fellow may be called upon to develop awareness and educational
materials, discuss related topics and present potential solutions in a concise manner.
Discussions with the Board and/or staff may be challenging and include perceptions by
those who may have diverse views. Fellows have found that their fellowship experience
contributes greatly to their individual professional development and strengthens the selfconfidence needed to handle difficult situations long after their tenure as a FASB Fellow.
The specific tasks as outlined above and in the Action Plan document to be carried out by
the XBRL Fellow are likely to be particularly challenging.
The XBRL Fellow will interface with the FASB constituency; that is, they may have
contact with recognized professionals in public accounting, academe, industry, and
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government -- as well as organizations such as the AICPA's Accounting Standards
Executive Committee, Special Committee for Enhanced Business Reporting, the
Financial Accounting Standards Advisory Council, the Small Business Advisory
Committee, the User Advisory Council, various industry groups, the Securities and
Exchange Commission, and other federal government regulatory agencies. The XBRL
Fellow will participate in various XBRL working groups and liaise with the IASCF
XBRL Fellow to discuss XBRL and its implications within the standard-setting process
and on the FASB’s convergence goal. Such contacts provide the XBRL Fellow with
valuable experience on which to draw when confronted with tough problems and
opportunities both at the FASB and later in their careers.
The XBRL Fellow also has opportunity to further develop their oral and written
communications skills through formal and informal discussions with Board, staff and
various FASB liaison groups, published articles and other content as required. The
XBRL Fellow will lead educational sessions for the Board and/or staff members, prepare
related awareness and educational materials (including updating the XBRL Activities area
on the FASB website) for use by FASB Board and staff in various speeches, publications
and other venues and potentially develop business case materials for application of XBRL
to specific FASB products, processes and other topics as identified and agreed.
For the Sponsoring Firm ... The principal benefits to the sponsoring firm derive from the
Fellow's exposure to key accounting and financial decision makers and from familiarity
with the Board's standard-setting process and implications of XBRL. Accounting firms
benefit from having a returning Fellow who can draw on the "hands-on" experience with
standard-setting to participate in developing the firm's position on related XBRL
opportunities and issues. Fellows have proven to be effective participants at client and
firm seminars, presenting unusual insights gained at the FASB and related ramifications
to client companies, regulators and other participants in the business reporting supply
chain. The XBRL Fellow may also contribute to their firms' training programs and have
historically been successful in attaining partnership when they return to their role in the
public accounting sector. The XBRL Fellow role is likely to provide specific benefits to
firms as they move into a more digitally enhanced business reporting environment and as
the implications of XBRL continue to take hold in the market.
For the FASB ... An XBRL Fellow will be an important resource for the FASB. They
will perform a vital role in increasing the awareness of XBRL within the FASB (both
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Board and staff members). The XBRL Fellow may also provide resources to manage key,
short-term projects related to the XBRL topic and its implications for the FASB standardsetting process and related products and services. Their experience in accounting practice
and the IT tools and applications used by preparers and consumers provides the FASB
and its staff with a better perspective of the real problems faced by companies, their
auditors, regulators and investors. Fellows also facilitate communications between the
Board and its constituency. This new XBRL Fellowship follows a long tradition of
drawing on the skills and experience of the profession at work.
QUALIFICATIONS
The XBRL Fellow should:
 be interested in financial reporting and the FASB standard-setting process;
 have knowledge and experience in applying authoritative accounting
pronouncements, including a familiarity with current developments in accounting
and financial reporting;
 have a good understanding of various accounting software packages;
 demonstrate effective communication skills particularly with respect to the
education and training of others;
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be creative, organized and highly self motivated;
In addition, it is necessary that the XBRL Fellow has substantial knowledge of
and genuine enthusiasm for this initiative;
Have 9 – 15 years of Public Accounting Experience.
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FINANCIAL ARRANGEMENTS
For each new class of Fellows we will establish an annual fixed fee for the period to be
paid on a monthly basis to the sponsoring firm for a Fellow's cost of service, to include
salary, benefits, cost of living, relocation costs, etc. The first and last months of their
two-year term will be prorated if necessary. The final monthly payment at the end of the
term will be increased for vacation days not used (20 days per year) and decreased for
excess sick days (five days per year). Additionally, we will allow up to seven days per
year for firm business and relocation. This arrangement will enable the firm to keep the
Fellow in their employ, continue existing benefits and provide for a simple, orderly
administration of the program.
THE NOMINATION PROCESS
Two months prior to the leave of the current XBRL FASB Fellow, the XBRL US
Consortium will submit a jointly agreed upon candidate to the FASB. The candidate will
go through appropriate interviews at the FASB. As needed, additional candidates will be
submitted for interview and consideration. The objective is to start the FASB XBRL
Fellow term no later than June 30 (the same time other FASB fellows begin their terms).
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