XBRL

XBRL, also known as eXtensible Business Reporting Language, is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world.

New IFRS XBRL Taxonomy released

The International Accounting Standards Committee (IASC) Foundation released the IFRS Taxonomy 2008 – a complete translation of the international financial reporting standards (IFRS) into XBRL. Read more.

SEC releases “IDEA” – the successor to EDGAR database

The SEC unveiled the successor to the 1980s-era EDGAR database, called “IDEA” – a new system that gives investors far faster and easier access to key financial information about public companies and mutual funds. Read more.

SEC proposes using XBRL within three years for all public companies

The SEC proposed that all U.S. companies use XBRL to provide financial information within three years – with the largest companies beginning next year. Read more.

XBRL Quick Links

• Test XBRL on a new trial Web site
• XBRL Official Web site
• Spotlight On: Interactive Data and XBRL Initiatives
• The Center for Audit Quality XBRL Resources

XBRL News & Notes

• SEC releases “IDEA” – the successor to EDGAR database
• Many companies unprepared for XBRL
• New IFRS XBRL Taxonomy released
• XBRL white paper: Modernizing business reporting
• SEC proposes using XBRL within three years for all public companies
• XBRL’s path to adoption 
• XBRL around the globe

XBRL Key Terms

• Filed financials: A report a company is liable pertaining to false or misleading material filed with the SEC.
• Furnished financials: A report a company is liable when proven to intentionally distribute false or misleading material to the SEC.
• Financial statement tags: Specific XBRL tags for each element of the main financial statements.
• Block tags: An individual XBRL tag for a section, not the components within; proposed for initial footnote tagging.
• External XBRL Method: A reporting company produces its financial statements in traditional manner and these statements are subsequently mapped with XBRL tags. This is the current method of XBRL data.
• Internal XBRL Method: A reporting company integrates XBRL in its internal operating process. This does not require mapping since all internal data is already in XBRL format.

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