XBRL Business Language. What is XBRL? XBRL, or eXtensible Business Reporting Language An extension...

XBRL Business Language

What is XBRL? XBRL, or eXtensible Business Reporting Language An extension of XML, or eXtensible 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