XBRL-US Launches Online Resource Center

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.

You may like these other stories...

You probably don't want to think about how many times you access the File menu in Excel 2010 or 2013. Personally I think Excel 2010 has the best possible File menu arrangement, other than having Print Preview grafted...
Following other recent high-profile hacking events, investigators discovered yesterday that hackers broke into the draft work paper files of several famous CPA firms. Revealing images of the scantily clad documents have been...
For bitcoin users, the taxman cometh. And you best know how to calculate taxes owed on what the IRS calls convertible virtual currency.In March 2014, the IRS issued Notice 2014-21, which declares virtual currency will be...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.