XBRL around the globe
Today regulatory agencies everywhere face the challenge of collecting, processing and reporting information more efficiently, accurately and cost effectively. That’s exactly why the eXtensible Business Reporting Language (a.k.a., XBRL) is fast becoming the preferred global information standard for the financial and business reporting supply chain.
Many refer to XBRL as SEC Chairman Christopher Cox’s “baby,” but a quick review of the facts shows nothing can be farther from the truth. In fact, Chairman Cox is merely trying to catch up with the rest of the world.
A collaborative XBRL effort began in 1998 by a few founding members of the XBRL consortium with a vision to develop a global platform for creating and disseminating financial and business reporting information that meets the needs of today’s information age.
More XBRL news
- SEC releases “IDEA” – the XBRL successor to EDGAR database
- “IDEA” will make company and fund information interactive 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...
- Many companies unprepared for XBRL
- Many publicly held companies are not even aware of XBRL’s existence, let alone prepared to begin reporting in the computer language, according to a new survey from Compliance Week. The survey suggests that many publicly held companies are barely...
- XBRL white paper: Modernizing business reporting
- The AICPA’s Assurance Services Executive Committee’s (ASEC) new white paper, The Shifting Paradigm in Business Reporting and Oversight , addresses how transparency in financial reporting is improved through the use of XBRL and enhanced business...
- SEC proposes using XBRL within three years for all public companies
- SEC Chairman Christopher Cox is widely expected to lay out a strategy for a transition for U.S. companies to incorporate XBRL (extensible business-reporting language) for financial reporting. The SEC meets on Wednesday, May 14, to discuss the use...
- XBRL’s path to adoption
- The plans are outlined, the tools are available and the rate of acceleration is increasing. This describes the current international climate for XBRL (eXtensible Business Reporting Language) adoption. With the electronic “barcoding” of financial...
- XBRL around the globe
- Today regulatory agencies everywhere face the challenge of collecting, processing and reporting information more efficiently, accurately and cost effectively. That’s exactly why the eXtensible Business Reporting Language (a.k.a., XBRL) is fast...
- SEC committee recommends mandating XBRL
- The SEC Advisory Committee on Improvements to Financial Reporting (CIFR) submitted a recommendation to the SEC to require publicly traded companies to file audited XBRL financial statements in three years. Per the recommendation, the largest...
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LAST UPDATED 2/12/2008