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 House proposal would require XBRL to track government bailout funds
Darrell Issa, R-Calif., introduced legislation to implement real transparency in allowing government officials and the public to track funds in the Troubled Asset Relief Program (TARP) and value toxic assets.

SEC plans XBRL public seminar
The SEC is holding a public seminar on June 10 to help companies and preparers comply with new rules requiring financial reports to be filed using interactive data – better known as XBRL.

Most companies ready for XBRL conversion
At least 340 of the estimated 500 public companies required by the SEC to begin filing financial data in the XBRL format in June have made the conversion and are filing financial data using the new programming language, according to a survey from XBRL US.

Two-thirds of public companies delay XBRL plans despite requirement
Official 2009 XBRL taxonomy for GAAP released
Sixty-four percent of public companies have no plans to implement XBRL despite a mandate from the SEC requiring usage as early as June 2009, according to a new survey from Grant Thornton.

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 mandates XBRL for all U.S. companies
• 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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