Mark Your Calendar: XBRL & the Future of Corporate Reporting
XBRL-US is hosting free informational breakfasts in four cities across the country during September. Full-day training sessions for eXtensible Business Reporting Language (XBRL) filing preparers will also be offered in those same cities during September and October for an additional fee.
XBRL was named as part of the solution to the top challenges facing financial executives in 2005 during the XBRL in Government and Industry Conference held in July.
“XBRL can be a critical tool for enabling compliance with Sarbanes Oxley Section 404; not only could it enable the integration of disparate systems to optimize internal control processes and enable documentation of internal controls with less manual intervention, but a common language could also facilitate real time management monitoring,” Colleen Cunningham, President and CEO of Financial Executives International said in a statement about the top findings of the conference.
The informational breakfast events will be held in
- Dallas, Texas on September 8
- New York City, New York on September 9
- San Francisco, California on September 12
- Chicago, Illinois on September 13
The breakfast sessions will provide information about XBRL, the benefits of using XBRL for internal and external corporate reporting, and the Securities and Exchange Commission’s (SEC) Voluntary Filing Program for XBRL. Speakers will include experts from the XBRL community representing all areas of the corporate reporting supply chain. Two of the breakfast events will be webcast for those unable to attend in person.
Earlier this month, the SEC announced the expansion of the Voluntary Filing Program for XBRL to investment companies. The move will allow mutual funds to file exhibits to the annual report to shareholder and quarterly statement of portfolio holdings using XBRL. The intent of the expansion is to make it easier for investors and others to use disclosure documents filed with the SEC.
In addition, to the expansion of the SEC’s voluntary program, the Federal Financial Institutions Examination Council (FFIEC) announced a call report modernization project. On October 1, 2005, the Federal Depository Insurance Corporation (FDIC), Federal Reserve Bank (FRB) and the Office of the Comptroller of Currency (OCC) will join forces to create a central data repository of bank information and more than 8,300 banks will file in XBRL.
The full-day training sessions will help individuals understand the process and the tools available for producing financial reports in XBRL. Attendees will have the opportunity to get hands-on practices in creating XBRL documents and become familiar with the software tools available in today’s marketplace.
Full-day training sessions will be held in
- Dallas, Texas on September 29
- San Francisco, California on October 3
- Chicago, Illinois on October 6
- New York City, New York on October 7
Additional information and registration on the breakfast awareness events and the full-day training sessions are available at the XBRL-US web site.
“XBRL is an imperative, not an option. At the FDIC we’ve long recognized its potential – XBRL isn’t just a idea on paper; it is real and it works,” Mike Bartell, CIO, FDIC said in an update on the FFIEC’s call report modernization project. “Too much critical information today is buried or obscured by the massive volume of data that we all create and process. The longer it takes us to manage that data, the less responsive we are to the needs of industry and the public. While XBRL may not be the only answer, it is a key part of the solution needed to help address these issues. The FFRIEC’s new central data repository will help prove the real value of XBRL, and lay the groundwork for broader and more rapid adoption in the US.”
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Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.