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XBRL
(eXtensible Business Reporting Language) is an emerging XML-based
standard to define and exchange business and financial performance information.
The standard is governed by a not-for-profit international consortium (XBRL
International Incorporated) of approximately 450 organizations, including regulators,
government agencies, infomediaries and software vendors.
XBRL data is considered "interactive", which means it can be presented to investors and analysts quickly in a format they can most easily use. Interactive data pinpoints all of the facts and figures trapped in dense documents, allowing the analyst to immediately identify exactly the information they want, extract and compare it to the results of other companies, performance in past years, industry averages - in whatever manner the analyst wishes to present comparatives.
How XBRL Works
Instead of reading a document and manually identifying relevant data, interactive XBRL data allows the creation of documents from which software can extract desired data. Think of every fact in an annual report, every number in a company's financial statements, as having a unique barcode that tells standard software what the item represents and how it relates to other items in the report. Interactive data "tags" all of the key facts in these large documents, so that software can instantaneously recognize them and present them to the investor.
Current SEC XBRL Situation
On January 30, 2009 the SEC released the final XBRL rule mandating the filing of interactive data over a three year phase-in period. Newsfile Corp. – a member of XBRL Canada – is available to assist filers and their respective accounting firms with both establishing a process to generate XBRL interactive data and filing XBRL submissions with the EDGAR system. These services are provided through our brand, XBRLit. Please visit www.xbrlit.com for more information or contact us.
SEC XBRL FAQS
Will my company be required to file in XBRL format and if so, when?
According pages 39 - 65 of the final XBRL rule, an XBRL interactive data requirement will be phased in for domestic and foreign filers over a three year period. The largest issuers are required to file XBRL interactive data beginning with the quarterly report with a fiscal period ending on or after June 15, 2009 (provided this document contains financial statements). The smallest companies are required to do the same for quarterly reports with a fiscal period ending on or after June 15, 2011.
For most U.S. companies and foreign private issuers filing on domestic forms, the periodic report to which this will first apply will be the June 30 quarterly report. For a company that files on domestic forms with a June 30 fiscal year, the first report will be the September 30 quarterly report. Foreign private issuers not using domestic forms will first provide interactive data in connection with their first Form 20-F or Form 40-F annual reports for the year ended on or after June 15.
| When | Who | |
| Quarterly report on Form 10-Q or annual report on Form 20-F or Form 40-F containing financial statements for a fiscal period ending on or after June 15, 2009. | Domestic and foreign large accelerated filers that use US GAAP and have a worldwide public common equity float above $5 billion as of the end of the second fiscal quarter of their most recently completed fiscal year. | |
| Quarterly report on Form 10-Q or annual report on Form 20-F or Form 40-F containing financial statements for a fiscal period ending on or after June 15, 2010. | All other domestic and foreign large accelerated filers using US GAAP. | |
| Quarterly report on Form 10-Q or annual report on Form 20-F or Form 40-F containing financial statements for a fiscal period ending on or after June 15, 2011. | All remaining filers using US GAAP, including smaller reporting companies, and all foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the ISAB. |
The proposed rules would not alter the requirements to provide financial statements and any required financial statement schedules with the traditional HTML and ASCII format filings.
Where can I find more information about SEC XBRL?
Information regarding understanding, preparing, and filing XBRL can be found at XBRLit. The SEC also has a "spotlight" web site on the XBRL program that contains links to items of interest.
EDGAR News | |
| XBRL Final Rule Posted: January 30th, 2009 The SEC has announced its final XBRL rule. For public companies, interactive data financial reporting will occur on a phased-in schedule beginning in 2009. The largest companies who file using U.S. GAAP with a public float above $5 billion will be required to provide interactive data reports starting with their first quarterly report for fiscal periods ending on or after June 15, 2009. | |
| SEC Announces XBRL Mandate Posted: December 18th, 2008 The Securities and Exchange Commission has voted to require public companies and mutual funds to use interactive data for financial information. The largest companies who file using U.S. GAAP with a public float above $5 billion will be required to provide interactive data reports starting with their first quarterly report for fiscal periods ending on or after June 15, 2009. remaining companies who file using U.S. GAAP will be required to file with interactive data on a phased-in schedule over the next two years. Companies reporting in IFRS issued by the International Accounting Standards Board will be required to provide their interactive data reports starting with fiscal years ending on or after June 15, 2011. | |
| XBRLit Launched Posted: September 18th, 2008 Automated Filing Services Inc. and TNT Filings Inc. announce strategic alliance and launch of XBRLit. | |
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