Friday, April 17, 2009
Tagging financial statements with XBRL
XBRL is an effort by the SEC to help companies move toward IFRS, strengthen transparency to financial reporting, and make financial statements more searchable and comparable for investors.
Most of the U.S.’s largest public companies are mandated to file their first quarterly financial statements using XBRL tags beginning on June 15th. By 2011 all public companies are expected to implement interactive data tagging in their reports.
Some companies are taking the “wait-and-see” approach – waiting for a wider adoption and best practices to emerge and training key individuals internally rather than replacing staff or hiring experts on the subject. Others have voluntarily opted for early adoption to gain visibility for investor relation reasons.
XBRL: The language of finance and accounting
XBRL is here
XBRL around the word
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