XBRL

A&A

US GAAP Financial Reporting Taxonomy Green-Lighted by SEC

The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements.
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A&A

FASB Adds Three Implementation Guides to XBRL Series

The FASB recently added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the US GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.
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A&A

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.
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A&A

Calcbench Named the Grand Prize Winner of the XBRL Challenge

Calcbench, an open source application that consumes corporate XBRL data and performs comparative analytics, was named the winner of the XBRL Challenge at the XBRL and Financial Analysis Technology Conference on February 29. The contest is for developers of applications that leverage XBRL-formatted data in the SEC EDGAR database.
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A&A

Governments and Private Companies Exploring Benefits of XBRL

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.
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A&A

New XBRL and proposed 2012 US GAAP financial reporting taxonomy released

The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.
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Technology

Seven tips for your first filing of detailed footnotes in XBRL

As organizations have completed their year-one SEC requirement with block note tagging in XBRL, they are preparing for the next major milestone: filing their detailed footnotes (DFN) in XBRL.
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A&A

MACPA embraces XBRL in case study for private companies and nonprofits

Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift.
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A&A

Challenges, best practices for the first XBRL filing

Thousands of small public companies will submit eXtensible Business Reporting Language (XBRL) financial reports, for the first time, with their regular June 15, 2011 filings with the SEC.
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A&A

IFRS Foundation to enhance IFRS taxonomy to reflect common reporting practices

The IFRS Foundation has announced that it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements.
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A&A

FASB unveils XBRL 2011 taxonomy

Speakers at a recent FASB Webcast, XBRL 2011 Taxonomy Overview, presented an outline of what public company financial report preparers need to know about using the 2011 XBRL taxonomy.
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A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
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Technology

Public companies are getting the jump on XBRL adoption

XBRL US, the XML standard setter for business information reporting in the U.S., has announced that public companies are heeding the advice to "start early" in preparing for XBRL adoption.
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XBRL US announces key findings

XBRL US announced key findings from its first-ever XBRL US Pacific Rim Technology Workshop last week in Santa Clara, California.
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SEC releases final rules mandating XBRL

The U.S. Securities and Exchange Commission has approved final rules which require companies to submit Financial Statements in XBRL format with their SEC filings.The American Institute of Certified Public Accountants supports the use of XBRL in Financial Statement reporting and believes that tagged data will provide investors and other users of financial information easier access to more transparent data in company reports."We are grateful to SEC Chairman Chris Cox for his great leadership with this proposal to enhance transparency in U.S.
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AGA research study predicts bright future for XBRL use in state and local governments

Using XBRL (eXtensible Business Reporting Language) in public sector financial reporting is the subject of a research study, released in September 2008 by the Association of Government Accountants (AGA).This report, XBRL and Public Sector Financial Reporting: Standardized Business Reporting: the Oregon CAFR Project, demonstrates the feasibility of developing and using an XBRL taxonomy to tag data in a state's Comprehensive Annual Financial Report (CAFR).
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XBRL US presents mutual fund data tags for review and comment

XBRL US invites investors, creators, and other users of mutual fund and other investment company information to review and comment on the draft dictionaries of financial and business terms (taxonomy) for the risk/return section of mutual fund prospectuses and the schedule of investments.XBRL US, the national consortium for XML standards for business and financial information reporting, announced that they had completed the set of data elements which will be used to put key mutual fund information contained in the risk/return summary section of the prospectus, as well as investment company p
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Preparing for the XBRL mandate

By Peter HrabinskyFor many publicly held companies, the XBRL mandate has arrived! The U.S. SEC wants companies that file using U.S. Generally Accepted Accounting Principles and have a worldwide public float over $5 billion to provide XBRL-formatted financial statements — 10-Ks, 10-Qs, etc. — beginning with fiscal periods ending December 15, 2008. The remaining companies using U.S. GAAP will be phased into the XBRL program over the following two years.For many companies, the first step to XBRL preparation will involve XBRL education.
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Technology

SEC introduces IDEA, XBRL successor to EDGAR database

Securities and Exchange Commission Chairman Christopher Cox today unveiled the successor to the agency's 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds.The new system is called IDEA, short for Interactive Data Electronic Applications. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system.
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Technology

SEC Chairman Cox will speak at XBRL conference

XBRL International and XBRL US have jointly announced "The Ultimate Client: Business Reporting for Investors, Government and Citizens," a global conference that will explore how improved business and financial reporting through interactive data will affect investor communications, governance, risk and compliance, as well as government reporting.
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