XBRL: Steps toward an implementation plan

Download XBRL: Steps toward an implementation plan

Advancing financial reporting beyond today’s paper-based forms is a key project for the Securities and Exchange Commission (SEC). In working toward that goal, the SEC is proposing to mandate the use of eXtensible Business Reporting Language (XBRL). The language for electronic communication is a significant milestone that will enhance and improve the accessibility of information available to investors.

In May 2008, the SEC formally submitted its proposal that would require all companies applying US Generally Accepted Accounting Principles (US GAAP) or International Financial Reporting Standards (IFRS) to begin using XBRL within the next three years. As the deadline for implementation nears, it is apparent there is a need for a greater awareness and deeper understanding about the costs and benefits XBRL offers.

This whitepaper expresses a point of view on what companies can do now to ensure they are prepared when the proposal takes effect.