BLOG: Financial Reporting Using XBRL
This is a blog for information relating to XBRL as used in the US for financial reporting.
Entries from May 1, 2008 - June 1, 2008
Financial Reporting Using XBRL now available in Chinese
You can get a copy of the book Financial Reporting Using XBRL in Chinese here.
XBRL in Plain English
Charlie
in XBRL General Information
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Government Work Makes You Smarter
In an article on The Motley Fool, Tim Beyers summarizes the reasons why XBRL is good for investors. The section "What is Buffett buying now?" shows one of the potential uses of XBRL beyond the financial statements. Forms Forms 4, 13-D, 13F-HR and 13F-NT in XBRL would offer functionality similar to the SEC's executive compensation viewer, which makes use of XBRL.
XBRL: Not Just for External Reporting
In an article published by financialexecutive.com, Mike Willis (PricewaterhouseCoopers) and William Sinnett (FERF) explain why XBRL is not just for external reporting.
The article highlights four common and significant areas which can benefit from XBRL:
- systems integration (integrating heterogeneous applications)
- data access
- assembly and review
- data quality (integrity of data)
- spreadsheets
Charlie
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SEC Proposes Rule to Mandate XBRL's Use
Today, the SEC held a public meeting in which the staff of the SEC proposed a rule and the commission approved a proposed rule which would mandate the use of XBRL for filings with the SEC. The mandate would be phased in.
The following link to an FEI blog post which explains the rule.
And this is a link to an archive of the actual public meeting the SEC held in which it approved the proposed rule.
The proposed rule will be published in 7 to 10 days from what I hear. There will then be a 60 day public comment period.