Just read this in an Information Governance news group run by Dan Swanson. I would very much like to learn more and figured that folks who read this blog may be a little better versed in these standards than the audit crowd.
Recently the Securities and Exchange Commission (SEC) mandated the use of XBRL (eXtensible Business Reporting Language) for filings with the SEC. The mandatory rule covers, in 2009, the roughly 500 largest filers with the SEC. Next year a further 1000 companies will be required to file in XBRL, and the following year, all others – so roughly another 12000+.
For government agencies, XBRL is not being used much, other than by the FDIC who require all 8200 (and falling) banks to provide their “Call Report” tagged as an XBRL file every quarter. That has radically improved the quality of reported information and the speed of reporting to the FDIC.
Have members of this group:
1. come across XBRL?
2. work for companies that will be required to file in XBRL?
3. understand the assurance implications that come with XBRL?
I’d like to start a conversation on this. XBRL is a complex standard, and I have serious doubts that companies (or external and especially internal assurance providers) have put adequate thought into the implications of implementation and using XBRL.
Any gurus out there care to enlighten or provide some links for further reading?