“ One large-scale and potentially revolutionary private sector initiative that already is under way is a collaboration by a growing number of companies, accounting firms, and the AICPA to develop a common “tagging" system for various financial accounts, which goes under the acronym ‘XBRL’. …I would urge the SEC to encourage this project … One possibility: require EDGAR submissions to be in XBRL by a specific date.”
The Australia Prudential Regulation Authority (APRA) recently became the first banking regulator in the world to use XBRL to monitor the financial well being of 12,000 Australian super funds, insurers and banks required to report to APRA on a regular basis. APRA is sharing this aggregated data with the Australian Bureau of Statistics and the Reserve Bank of Australia for benchmarking and trend analysis.
In the United States, the Federal Deposit Insurance Corporation (FDIC) recently announced its desire to use XBRL for regulatory reporting for U.S. banks in the near future.
- OASIS Web Page, October 2007
XBRL Working Model External Financial Reporting Business Operations Internal Financial Reporting Investment and Lending Analysis Processes Processes Participants Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators XBRL for G/L Journal Entry Reporting XBRL for Regulatory Filings XBRL for Financial Statements XBRL for Audit Schedules XBRL for Credit Filings XBRL for Business Event Reporting Software Vendors Management Accountants Companies
In performing the examination as set forth in AT section 101, the auditor should apply procedures as necessary to obtain sufficient evidence to provide a reasonable basis for an opinion on whether the XBRL-Related Documents accurately reflect the information in the corresponding part of the official EDGAR filings
Thus, the objectives of the examination procedures are to determine whether:
the XBRL data agrees with the official EDGAR filings, and
the XBRL-Related Documents are in conformity with the applicable XBRL taxonomies and specifications, as well as with the SEC requirements for format and content.