The Securities and Exchange Commission’s (SEC) voluntary filing program encouraging companies to submit XBRL-enabled documents to the EDGAR database, received a little help Monday. The American members of XBRL International announced the availability of resources supporting the effort on the U.S. jurisdiction’s website at www.xbrl.org/us/secvfp. Among the resources being made available are FAQs, tutorials, an email discussion group and guidelines. The site also includes links to US GAAP taxonomies, sample XBRL instance documents, and technical background information.
“We are pleased to support the SEC’s XBRL voluntary financial reporting program through the development of the U.S. taxonomies and additional training and guidance materials,” said Paul Penler of Ernst & Young, chair of the U.S. jurisdiction steering committee. “The SEC announcement of this program is a major milestone in the adoption of XBRL as an information format for business reporting that substantially increases the ability of companies to deliver their message directly to capital markets while streamlining their own processes.”
There are more than 3000 unique reporting tags defined for US GAAP. The tags are organized into “taxonomies” defining concepts and interrelationships. XBRL taxonomies provide financial systems vendors and end-user organizations with a means of reliably exchanging financial statement information between applications and across organizations and platforms. The US GAAP taxonomies cover roughly 90 percent of public companies’ reporting needs. They are also in compliance with XBRL International’s Financial Reporting Taxonomy Architecture indicating it satisfies more than 100 documented interoperability-enhancing requirements above and beyond the basic technical requirements of the XBRL specification.
Additional educational support will be available at the 11th XBRL International Conference, hosted by XBRL-US in Boston, April 26-28. The conference will include speakers from the SEC as well as presentations and tutorials about the SEC voluntary program. More information about the conference is available from www.xbrl.org/boston.