Knowledge Centre
Items in the knowledge centre are sorted according to the last date they were updated, so that you are getting the most recently updated information first. If you would like to search for a specific topic, please use the keyword search and filters below. Registered users are welcomed to submit a resource but you must be logged in.
Bill would mandate using XBRL to track TARP money
A House bill would require to the government to track where its money from the Troubled Asset Relief Program (TARP) goes by using technology that many companies already use to monitor their financial reporting.
Resource Citations(s):
DataLine 2009-55: XBRL: Looking Ahead to 2010 Compliance and Back at 2009 Lessons Learned
Summary:
The largest public companies that began submitting XBRL-formatted financial information in 2009 will be subject to more detailed requirements for their second year of submissions in 2010, including detailed tagging of the financial statement footnotes. The next phase-in group of public companies that report under U.S. GAAP (i.e., the remaining large accelerated filers that were not subject to the 2009 first year phase-in requirements) will be required to make their first submissions of XBRL-formatted financial information in 2010.
Resource Citations(s):
Robust XML Technologies Provide an Ideal Foundation for XBRL
There has been a tremendous spike of interest in XBRL over the past year, with the establishment of global mandates and standards, reporting deadlines approaching, and new technologies arising to meet the challenge. But it feels like we are all still treading carefully in the way that we present the promises of XBRL to our key audiences — and why not? Everyone is a little apprehensive about regulations, businesses are often slow to embrace new technologies, and let’s face it, the economy has not bounced back quite yet.
Resource Citations(s):
ROI from XBRL
The reality of XBRL has grown exponentially over the past two years, in large part due to the SEC’s focus and encouragement. With the time, money and effort that Chairman Cox and the SEC have dedicated to this initiative, it appears highly likely that XBRL will be either an optional or mandated form of filing in the near future.
For this reason alone, companies need to become involved and get up to speed. However, many are reluctant because they do not understand what XBRL is, what it will cost, what they have to know, and what the benefits are.
United Technologies Corp. found that XBRL can be implemented for a reasonable price and without significant knowledge of the underlying technology. Beyond the potential for an SEC mandate, XBRL can provide many other tangible benefits for companies.
An example of one such tangible benefit —labor saved preparing an SEC filing—is illustrated. XBRL is the future. As more government agencies implement XBRL technology, the benefits to issuers will continue to grow.
John Stantial , CPA, is director of financial reporting for United Technologies Corporation.
Resource Citations(s):
Resource Document:
Six Steps to XBRL by Journal of Accountancy
The article starts by explaining the purpose: "The purpose of this article is to give CPAs unfamiliar with XBRL an opportunity to see that assigning XBRL tags to financial statements does not require specialized expertise, but rather is something that any CPA can do with the help of software tools and a little practice. The article explains step by step how to tag a simple income statement for a sample company."
EXECUTIVE SUMMARY
- XBRL is reinventing how we transmit and use data in business. XBRL is not just for SEC companies: Small businesses and practitioners alike could soon be using XBRL to submit information to bankers, the IRS, and other agencies. XBRL will become a part of every CPA’s practice.
- XBRL is a language for electronic communication of business data. Each item is tagged with information regarding various attributes. XBRL-tagged data can be read by any software that includes an XBRL processor and thus can be easily transferred between computers.
- A draft of the new XBRL US GAAP Taxonomies was released to the public on Dec. 5, 2007. Comments are due by April 4, 2008. The banking industry has successfully used XBRL for its FDIC call reports since the first quarter of 2005. XBRL is already in use internationally.
- This article explains step by step how to tag a simple income statement for a sample company. A number of other XBRL tagging tools are commercially available. The authors recommend that users carefully consider more than one tool in light of their specific needs.
Resource Citations(s):
(1 vote)
Standardize to Streamline - The Implications of Supply Chain Standards for Accountants
Accountants are familiar with Generally Accepted Accounting Principles promulgated by the Financial Accounting Standards Board and the International Accounting Standards Board and the implications of changes for company reports and related processes. However, many accountants may not be as familiar with international freely available information format standards such as the eXtensible Business Reporting Language (XBRL).
Resource Citations(s):
XBRL and Corporate Actions Reporting
Originally from Strategic Finance Magazine, IMA Quarterly Journal
Resource Citations(s):
Resource Document:
XBRL and data standardization: transforming the way CPAs work; save time and improve reporting
Accountants spend too much time moving data from one financial reporting spreadsheet to another, leaving less time for analyzing information to enhance reporting integrity and improve management's decision making. The extensible business reporting language (XBRL) can reduce time spent manually finding and preparing information and improve data quality through fully automated information exchanges among disparate software applications. Once CPAs can electronically receive, validate and send standardized information, they can more quickly analyze and confidently redistribute it to managers, stakeholders and others for use in better informed decision making.
Resource Citations(s):
XBRL and ERM: Increasing Organizational Effectiveness
Strategic Finance Magazine article on the relevance of XBRL within the Enterprise Risk Management environment critical to organizational effectiveness.
Resource Document:
(1 vote)
XBRL and government: A marriage made in ... Nevada?
Can XBRL possibly live up to the hype?
Supporters say it will revolutionize everything from corporate soup to nuts. And though many financial executives call the data tagging language a boon to financial reporting, some question whether it will ever pull its weight in internal operations.
Resource Citations(s):
(1 vote)
