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Technology for Financial Reporting - What You Need to Know |
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Additional sources of information about XBRL Several organizations provide additional resources and explanations.
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How XBRL (eXtensible Business Reporting Language) is Revolutionizing Financial Reporting
With so many sets of accounting principles and so many changes, investors can all too easily be overwhelmed by the volumes of information they need to digest to make sense out of financial reporting. The application of XBRL technology has the potential to cut through the complexities and provide comparable information. Below is a chronology of recent events that are helping to make the potential a reality. Links to helpful resources are provided to the right.
February 5, 2010. The Financial Accounting Foundation (FAF) (the oversight body of the FASB) announced that it will assume responsibility for the ongoing maintenance of the US GAAP Financial Reporting Taxonomy for XBRL applicable to public issuers registered with the SEC. The FAF and Financial Accounting Standards Board (FASB) will assemble a small team of technical staff dedicated to maintaining the taxonomy and will work towards the release of the next taxonomy update in early 2011.
January 18, 2010. Recognizing the growing international use of XBRL, the staff of International Federation of Accountant's (IFAC) International Auditing and Assurance Standards Board (IAASB) developed a new question-and-answer publication, "XBRL: The Emerging Landscape."
December 10, 2009. The SEC recently launched a portal containing information on XBRL. The portal provides links to useful sources of information on XBRL, including guidance on creating and submitting XBRL interactive data. In addition, the portal is designed to assist companies in staying current on SEC developments regarding interactive data requirements.
October 8, 2009. The SEC's Office of Interactive Disclosure issued a document containing staff observations based on a review of the initial interactive data submissions (XBRL).
October 8, 2009. The FASB announced that the FASB Accounting Standards CodificationTM now provides users with information about related XBRL elements.
September 30, 2009. The International Accounting Standards Committee (IASC) Foundation published for public comment an exposure draft of its IFRS for Small and Medium-sized Entities (SMEs) Taxonomy.
June 10, 2009. The SEC held a Public Education Seminar on the XBRL reporting requirements. A webcast archive is available.
June 4, 2009. The SEC issued Frequently Asked Questions related to XBRL.
June 3, 2009. The SEC issued Compliance and Disclosure Interpretations related to XBRL.
April 29, 2009. The SEC released a small entity compliance guide on its new requirements for mutual funds to provide the risk/return summary section of their prospectuses in XBRL format.
April 28, 2009. The AICPA issued Statement of Position (SoP 09-1), "Performing Agreed-Upon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRL-Tagged Data."
April 3, 2009. The SEC released a small company compliance guide to interactive data for financial reporting (XBRL).
April 2, 2009. The IASB released the IFRS 2009 taxonomy and an exposure draft of the Due Process Handbook for XBRL Activities.
January 2009. The SEC released a report on its "21st Century Disclosure Initiative."
The Federal Reserve System announced plans to make quarterly bank financial reports available to the public through an Internet-based reporting system that will incorporate new technologies, including XBRL (eXtensible Business Reporting Language).
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Links
SEC reporting FAF's release on the US GAAP taxonomy SEC's public education seminar SEC's 21st Century Disclosure Initiative
IASB Exposure draft-IFRS SMEs Taxonomy News release for 2009 IFRS Taxonomy Exposure draft- 2009 IFRS Taxonomy
Bank reporting
Mutual Fund reporting Final Rule and Compliance Guide Other |
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