XBRL talks the SEC's language
SEC to force Fortune 500 companies to incorporate XBRL in their reports by June this year
SEC to force Fortune 500 companies to incorporate XBRL in their reports by June this year
Large UK companies with a US listing will have less than seven months to
publish their financial reports using a web-based data standard called XBRL.
The Securities and Exchange Commission has said Fortune 500 companies will
have to incorporate the fledgling data standard in their reports by June this
year.
XBRL Extensible Business Reporting Language is a technology standard that
allows users to ‘tag’ business data in financial reports.
Supporters of XBRL claim the standard makes it easier for investors and
shareholders to compare the performance of companies and can cut financial
reporting costs for companies.
However, critics say XBRL is too complicated. Dennis Keeling, a business
software consultant, said: ‘There is a burden on software vendors to create the
software and on accountants to map the information. There are simpler ways to
report.’
Other SEC-regulated companies will have until June 2010 and mutual funds will
have until June 2011 to incorporate XBRL.
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technolo...
View articleTaxpayers will be able to have a 'web chat' with HMRC from later in the month, as a more real-time tax system is set to be launched Read More...
View articleThe taxman has canned plans to ramp up the level of tagging required when submitting corporate tax returns Read More...
View articleCash accounting for tax purposes condoc released. Treasury would likely take an initial hit from its introduction Read More...
View articleNew XBRL tagging system to help investors and stakeholders better track firms' environmental performance Read More...
View articleTaxman publishes list of suppliers whose products are compliant with iXBRL for filing corporate tax returns Read More...
View articleHMRC is failing to understand the cost benefits of internet filing compared to paper Read More...
View articleCCH game Auto-file causes mayhem on the TS desk Read More...
View article