taxonomies for corporate actions and proxy exist in the market today.
Companies reporting in XBRL
are able to compare much more efficiently, for example, to see how other companies have reported similar transactions," says Fragnito.
In implementing XBRL
in an organization, there are six major steps according to Phillips, Bahmanziari, and Colvard (2008).
The time spent on XBRL
preparation will vary significantly depending on the solution, and time estimates must necessarily include time spent by both internal and external resources.
Public companies have a lot of decisions to make when using the XBRL
US GAAP Taxonomy," said Campbell Pryde, Chief Standards Officer, XBRL
US, "They should not be penalized for mistakes that can be easily corrected.
The xfy XBRL
Solution has also server functions for:
Using Inline XBRL
, there can be benefits, such as: lower filing preparation costs; improved quality of structured data; and more use of XBRL
data by investors, according to the SEC.
Yet filers continue to make XBRL
mistakes, which may not only expose them to scrutiny from the SEC and Congress, but may also result in inaccurate financial data that misleads investors or alienates analysts.
The ensuing discussion provides a brief overview of the XBRL
tagging process and implementation; it also considers risks, internal controls, compliance considerations, and some best practices for XBRL
submissions by publicly held companies.
web browsers, word processors, and XML development tools) can open an XBRL
document, but many simply display the XBRL
Advisory Committee was founded in 2009 and initially was chaired by Kim Wallin, controller of the State of Nevada and former IMA Chair.
is increasingly relevant to the tax executive, first because it is growing rapidly in many other areas of business reporting that will potentially effect tax planning, compliance, and audit; and second, because of recent interest by many of the world's tax administrations.