XBRL Business Language What is XBRL XBRL or
XBRL Business Language
What is XBRL? § XBRL, or e. Xtensible Business Reporting Language § An extension of XML, or e. Xtensible Markup Language § The goal of XBRL is to develop a set of standardized XML tags, or XBRL taxonomy
What are XBRL Taxonomies? § There are three different types of Taxonomies: § General-purpose financial statement taxonomies § Special-purpose regulatory reporting taxonomies § General ledger taxonomies
Uses of XBRL § XBRL can be used by a wide variety of stakeholders in a company § Rather than creating multiple documents for each stakeholder, XBRL allows companies to create one for all of them § Improves Internal Reporting and reduces possibilities for human errors
The Conversion to XBRL § April 2009, - The SEC issued a final rule mandating interactive data when filing financial reports § June 2009, - 500 of the largest accelerated filers § June 2010, - Medium sized filers § June 2011, - all other filers using GAAP or IFRS
XBRL Outside of the USA § As of the second quarter of 2011 the U. K. HM Revenue and Customs requires all filers to use XBRL § U. K. , Germany, Denmark, Japan, China and the Netherlands all are aggressively mandating conversion to XBRL
Converting Process Types § Bolt-On Solution § Outsourced Managing Tagging Solution § Integrated Solution
XBRL in Audit § Can be useful in both Compliance and Financial Audits § Eliminates the need for random sample testing § Reduces detection risk and consequently audit risk
Sample of XBRL § Sample XBRL Instance Document § Sample XBRL PDF printout of financial statements
Conclusion § Reduces cost § Increases efficiency § Improves accuracy and reliability § Can provide financial reports for many different stakeholders from one document
The End
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