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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 statements, XBRL will revolutionize analysis and reduce costs for issuers and investors. While certain countries such as China and the Netherlands have already mandated XBRL, the U.S. is taking measured steps toward widespread acceptance of the language.

In February 2008, the SEC's Advisory Committee on Improvements to Financial Reporting (CIFiR) proposed a schedule for implementing XBRL regulation.

This feature from AICPA’s Corporate Finance Insider outlines the XBRL phase-in plan with pre-conditions, key terms and the costs of implementation. Read the complete article.

Test XBRL on a new trial Web site.

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...
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...