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. The SEC announcement comes a year after it adopted stricter rules on executive pay disclosure that now require more detail in annual shareholder proxy statements.

The new application uses XBRL data created by the SEC and allows investors and researchers to immediately create reports showing salary, bonus, stock awards, option awards, non-equity incentive plan compensation, change in pension value, and other compensation figures for executives at the top 500 companies.

"The executive comp tool underlines the usefulness of tagged information in one important application," said Mark Bolgiano, president and CEO of XBRL US. "It's easy to imagine so many other reporting situations where the use of XBRL could make analysis easier, faster to implement, and even improve the quality of the conclusions drawn."

"Investors shouldn't be required to dig through mountains of information to find critical facts like the makeup of corporate officer pay," said David Blaszkowsky, director of the SEC's Office of Interactive Disclosure. "The SEC is excited about how interactive data, using XBRL, can enable the investment community, even the individual investor, to be more knowledgeable and more savvy when making investment decisions."

XBRL US is currently under contract with the SEC to build out the US GAAP Taxonomies and develop guidance on creating XBRL-enabled financial statements for preparers. These Taxonomies offer the possibility of other reporting applications where XBRL can improve the analytical process. On December 5, the draft Taxonomies and documentation were made available for public review. More information can be found at usgaap.xbrl.us.

Related Stories:

  • SEC releases taxonomy for GAAP financial reports

  • XBRL delivers taxonomy for electronic accounts

    You may like these other stories...

    A new survey from online accounting software provider Xero found that nearly 90 percent of small businesses are forecasting an increase in revenues next year, while 21 percent are expecting growth of more than 100 percent....
    More and more businesses are adopting the cloud in order to take advantage of benefits such as greater efficiency, increased productivity and lower costs. Companies in general are flocking to the cloud for email hosting,...
    A great way to increase business for your accounting firm is to remain at the front of your clients' minds all throughout the year. One of the best ways to do that is through an email newsletter. Perhaps you send out a...

    Already a member? log in here.

    Upcoming CPE Webinars

    Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
    Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
    Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
    Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.