XBRL

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.

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.

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.

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).

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

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.
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.
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.

AICPA to offer XBRL seminar

The American Institute of Certified Public Accountants is offering a special two-day seminar, July 22-23, for financial professionals on understanding and applying the new eXtensible Business Reporting Language (XBRL) required for public companies by the Securities and Exchange Commission."This is a significant emerging issue for preparers," said Arleen Thomas, AICPA senior vice president member competency and development. The SEC proposed on May 30 to require all U.S.

Survey results show many companies are unprepared for XBRL

A new survey from Compliance Week suggests that many publicly held companies are barely aware of XBRL, the financial reporting technology the Securities and Exchange Commission is poised to impose on Corporate America later this fall. The SEC has already published a proposal to mandate XBRL for all companies by 2011, starting with Fortune 500 companies as soon as next spring. The public comment period on that proposed rule is already half over, and SEC Chairman Christopher Cox has repeatedly called for a final rule to be voted on and in place before he leaves office in January.

AICPA to offer IFRS training

The American Institute of Certified Public Accountants has teamed up with IASeminars, a leading global provider of training courses on International Financial Reporting Standards, to offer CPAs and other financial professionals a comprehensive range of IFRS training solutions."It is becoming increasingly clear that CPAs in the U.S. will need to understand and learn how to apply international accounting standards over the next few years," said Arleen Thomas, AICPA senior vice president for member competency and development.

The IASC Foundation publishes IFRS Taxonomy 2008

The International Accounting Standards Committee (IASC) Foundation today announced the release of the IFRS Taxonomy 2008. The IFRS Taxonomy 2008 is a complete translation of International Financial Reporting Standards (IFRSs) as published in the IFRS Bound Volume 2008 into XBRL, an eXtensible Markup Language (XML) that is used to communicate information between businesses. The taxonomy is published in the same languages as the IFRS Bound Volume 2008 and includes support material such as the Taxonomy Architecture Paper and the Taxonomy Extenders Guide.
Technology

Thomson Tax and Accounting partners with EDGAR Online

The Tax & Accounting business of Thomson Reuters has announced the launch of I-Metrix powered by Checkpoint, its online productivity and workflow solution for tax and accounting professionals. Tax & Accounting partnered with EDGAR Online to design and build the XBRL (eXtensible Business Reporting Language)-enabled tool allowing subscribers to retrieve financial information directly while working within Microsoft Office Excel.

Auditing Clarity Project, XBRL headline Ohio Accounting Show

The Ohio Society of CPAs kicked off its expanded schedule of highly popular Ohio Accounting Shows last week in Dayton featuring nationally renowned accounting and business leaders addressing major issues such as the Auditing Standards Board's (ASB) Clarity Project, XBRL, financial statement fraud, IFRS, and fair value. Nearly 500 accounting professionals heard keynote speakers and attended sessions across eight targeted information tracks. The Ohio Accounting Show schedule remaining this year includes Cleveland, Cincinnati, and Columbus.
Community News

Deloitte survey shows U.S. companies need more IFRS preparation and education

A new survey by Deloitte indicates that U.S. companies' interest in adopting International Financial Reporting Standards (IFRS) is steadily increasing. Thirty percent of CFOs and other senior finance professionals surveyed said they would consider adopting IFRS, if given a choice by the U.S. Securities and Exchange Commission (SEC) within the next three years.

New required XBRL tags will provide mutual fund investors with key information

On Wednesday, the Securities and Exchange Commission voted unanimously to formally propose that mutual fund investors get access to key information about fees, performance, and strategies through interactive data, which would permit comparison shopping among thousands of funds with all the ease of conducting an Internet search.The SEC's proposal would require funds to label data in their public filings using XBRL computer tags similar to the bar codes that identify products at stores or packages in the mail.
Technology

SEC to require mandatory XBRL filing in 2009

Approximately 500 companies will be part of the first wave of companies required to submit their financial results electronically using XBRL, the eXtensible Business Reporting Language, if a staff recommendation set out by the U.S.

XBRL comes of age

Ten years after its introduction, XBRL, eXtensible Business Reporting Language, is reaching maturity in terms of technology and acceptance according to speakers at the 17th XBRL International Conference held in Eindhoven, Netherlands on May 5-8, 2008. New projects are ready to go live in many of the 37 member countries, said Tony Fragnito, CEO of XBRL International, including two in the Netherlands and Australia that are designed to reduce the administrative burden to businesses of regulatory compliance by permitting multiple agencies to use XBRL data.On May 15th the U.S.
Technology

SEC unveils 'Financial Explorer' investor tool using XBRL

Securities and Exchange Commission Chairman Christopher Cox has announced the launch of the "Financial Explorer" on the SEC Web site to help investors quickly and easily analyze the financial results of public companies. Financial Explorer paints the picture of corporate financial performance with diagrams and charts, using financial information provided to the SEC as "interactive data" in eXtensible Business Reporting Language (XBRL).
Technology

SEC releases new XBRL analytical tool

XBRL US, Inc., the nonprofit consortium dedicated to the adoption of XBRL (eXtensible Business Reporting Language), a technology standard for the reporting of financial and business information in the U.S., strongly supports the Securities and Exchange Commission's (SEC) launch of an online, interactive tool that allows investors to instantly extract, compare, and analyze executive compensation for the largest 500 companies in the United States. This tool relies on the power of XBRL for the compensation data and underscores the flexibility and usefulness of "tagged" data.

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