As the name itself suggests, it is a language for presentation of data which permits easy analysis and interpretation thereby reducing cost, time and effort. It promotes paperless reporting and thus is in line with the green initiatives being promoted world over. XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported.
It does not constitute rules, regulations, or statements of the Commission. Further, the Commission has neither approved nor disapproved this information. This is an overview for companies that are required to begin submitting XBRL data during and summarizes some of the main process issues, lessons learned to date and resources for further information.
XBRL allows computers to read financial information and use it in analytical tools, much like bar codes applied to merchandise are used for computerized inventory controls.
XBRL helps to provide investors access to financial information in a form that's ready for analysis, and can help companies automate checks on the data quality in their reports. All other public companies using U.
There are several different ways to create XBRL submissions, ranging from do-it-yourself to outsourced models, and there are a growing number of software and service providers with products at various price points. The rule requirements are being phased in over time based on company size, including a phase-in of the amount of detailed information to be provided in XBRL format.
In the second year of compliance, each amount in the notes and financial schedules must also be tagged in XBRL. The rules also include two permissible grace periods: The rules also include modified liability provisions for the first two years a company is required to provide XBRL submissions.
The modified liability provisions are eliminated entirely on October 31, Lessons Learned One of the benefits of a phased implementation is to allow companies and service providers to continue to develop and to learn from the experiences of the early adopters.
Data quality — At the core of the XBRL tagging process, selecting the best tags to represent the information in your financial statements is the most critical part of the process.
Carefully selecting the best tags is likely to be the greatest contributor to the quality of your XBRL submission. Some tips on how to select the best tags can be found in the Interpretive Guidance section on http: You should NOT make changes to your tagged data solely to achieve a particular visual effect.
The previewer may be one of the tools used to help verify the completeness of your XBRL submission, but relying solely on the rendered document to review your tagged data will not identify all of the details necessary to assess potential filing errors.
Your software vendor or service provider may be able to provide reports that will help you review these other aspects of your submission, including validation results.
Validation — Although selecting the correct tags is the most critical aspect of the process, if your XBRL submission is not technically valid it will not be accepted by the EDGAR system.
Consider using the validation tools from your vendor and the SEC test filing mechanism to make sure your submission is technically valid before filing. You can review the information at http: You may send us an email at ask-oid sec.eXtensible Business Reporting Language, or XBRL On May 30, , the SEC published for public comment proposed amendments under rules require that the financial line item descriptions and amounts presented on the face of the financial statements in the traditional filing be the same as those in the interactive data format document.
eXtensible Business Reporting Language XBRL is a computer language that, once adopted by SEC filers, will enable the financial and other data contained in .
XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
section a – xbrl filing of financial statements XBRL is the acronym for Extensible Business Reporting Language.
As the name itself suggests, it is a language for presentation of data which permits easy analysis and interpretation thereby reducing cost, time and effort. Investment Company Act, any business development company (“BDC”), as defined in Section 2(a)(48) of that Act [15 U.S.C. 80a-2(a)(48)], or any entity that reports under the Exchange Act and prepares its financial statements in accordance with Article 6 of Regulation S-X [17 CFR through ], as well as asset-backed issuers.
XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.