XBRL: An Overview and Update
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The document provides an overview of XBRL (eXtensible Business Reporting Language) including its definition, how it works, benefits, and the SEC mandate requiring public companies to tag their financial reports in XBRL format. It discusses the SEC timeline, reporting requirements, and lessons learned from the first few years of the mandate. It also outlines options for companies to outsource their XBRL implementation or do it in-house, and the key considerations for each approach.
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XBRL (eXtensible Business Reporting Language) is an open standard for digital business reporting that allows for accurate, automated exchange of business and financial data. It provides a standardized language and taxonomy to define financial terms, allowing investors and stakeholders to easily access and understand financial reports. While XBRL is not universally adopted, it is spreading globally and facilitates more efficient reporting while reducing costs for companies and regulators. Some disadvantages remain around inconsistent implementation and potential errors in assigning tags, but overall XBRL aims to increase transparency and comparability of financial information.
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Considerations and areas of judgment for accounting professionals
Xbrl The Future Of Financial And Business Reporting Presented By Liv Apneseth...
Xbrl The Future Of Financial And Business Reporting Presented By Liv Apneseth...
Xbrl Ireland XBRL Update Dealing with Mandatory Reporting
Xbrl Ireland XBRL Update Dealing with Mandatory Reporting
Second wave benefit of xbrl liv watson brian mc_guire
Second wave benefit of xbrl liv watson brian mc_guire
South Africa - CIPC XBRL Project Journey and Update
South Africa - CIPC XBRL Project Journey and Update
Accounting and Corporate Regulatory Authority (ACRA) Presentation CRF 2009
Accounting and Corporate Regulatory Authority (ACRA) Presentation CRF 2009
XBRL: An Overview and Update
- 1. XBRL An Overview and Update Presentation by David Miller January 13, 2010
- 5. Building the Case for XBRL Financial Reporting
- 7. Building the Case for XBRL Financial Reporting - Based on results of the CFA Institute Member Survey: XBRL, November 2009
- 15. An Introduction to XBRL What is it?
- 21. SEC XBRL Mandate Timeline Large Accelerated Filers > $5B Public Float (~500 Companies) All Other Large Accelerated Filers All Remaining Filers June 15, 2009 June 15, 2010 June 15, 2011 June 15, 2012 June 15, 2013 Liability: “ As filed” Detail tagging of notes/schedules Liability: “ As furnished” Block tagging of footnotes Detail tagging of financials
- 32. What Should You Do Now? Implementation Alternatives: In-House>Embedded
Editor's Notes
- Recent survey of financial professionals still shows that only ~50% awareness and ~10% usage Mixed group Public Private XBRL can benefit both
- SEC Advisory Committee on Improvements to Financial Reporting -2007
- Cardinal Rule – Never buy anything you don’t understand
- Standardizing systems vs. standardizing data
- Accuracy still dependent on the accuracy of the underlying data
- Both examples highlight the benefits of fully integrated solution – XBRL FR & XBRL GL
- Starts with the first interim period ending after cutoff date NO MD&A…yet
- Some filers with ~50% of tags as extensions Undermines comparability objective 30 of 410 submissions during second wave of filings contained errors Element selection is critical More narrow example: Payments for repurchase of equity vs. payments for repurchase of common stock More broad example: Consolidation policy vs. Organization, Consolidation, and Presentation of Financial Statements Disclosure
- Consider internal controls and processes over XBRL tagging, whether in-house or outsourced Reach out to service providers for training and assistance
- 300 elements – ok 3,500 elements – might put significant strain on outsource providers
- Early on, goods tagged at the stores Quickly realized it was more efficient and effective to push it up the supply chain and tag it at the mfg. Same analogy applies to tagging financial data
- SOP 09-1 Generally used to evaluate whether: The selected tags are appropriate The rendering accurately reflects the traditional report The XBRL files comply with other aspects of XBRL requirements Consistent tags used from year-to-year. Proper use of contexts and other meta data Use of report restricted to specified parties No opinion expressed AT section 101 Suitable and available criteria required Scope of engagement may be difficult to establish As the reporting process evolves and moves more toward real-time, data-level reporting, the assurance provided on such data will also have to evolve. No clear answers yet.