Compliance: XBRL Financial Reporting Help

By Dick Weisinger, on April 14th, 2009

The Securities and Exchange have been nudging companies towards using XBRL to file their financial results. XBRL defines an XML document structure that contains tags for
identifying and publishing business data.

In late 2008 the SEC announced that the 500 largest US companies would need to begin filing their financials using XBRL for fiscal years that end on or after June 15th, 2009. The rest of US public companies are required to follow suit and be on-line with XBRL
two years later. The new filing requirements are in addition to the ASCII or HTML based filing which is already being used.

Now the SEC has issued a filing guide that aims to help smaller companies navigate the intracacies of XBRL and how best to prepare themselves for this new compliance. The guide is a lengthy web page that outlines what is required of companies for XBRL filing and contains links to the most up-to-date information companies will need for achieving compliance.

April 14th, 2009 | Category: Compliance

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