Extensible Business Reporting Language (XBRL) is an open specification that uses XML-based data tags to describe financial statements for both public and private companies.
In plain English, XBRL will be the new language of financial staement reporting, and will affect all CPAs preparing statements for their clients.
Mike Willis is a member of the Steering Committee that is responsible for the development and implementation of XBRL reporting standards. His workshop in AccountingWEB in May of 2000 shed some light on the vision for XBRL. Now, five months later, Mike will enlighten the AccountingWEB community on developments to date and where this whole new financial reporting arena is heading.
For more on XBRL and what it is, visit the AccountingWEB XBRL Resource Center.
Workshop sponsored by MIP:
Mike Willis covered several key points in his live workshop, including:
- An overview of XBRL - precisely what it is and why it is important
- An update on the XBRL Consortium, including accomplishments to date and taxonomies currently under development
- What is planned for the near term, including a timetable of upcoming events
- A listing of demos that are available on the Internet
- What you can do to further the XBRL effort
You can read the full transcript of this informative workshop.