Wednesday, August 21, 2013

The State of XBRL: XBRL in the United States

After close to a decade of preparation, the U.S. Securities and Exchange Commission (SEC) completed its three-stage implementation plan for all US filers in June 2012 when the smallest reporting companies began filing with fully-detailed note sections. Today currently over fifteen thousand public companies and eight thousand banking institutions use XBRL to submit financial data to the SEC. With XBRL fully implemented, companies and analysts are developing ways to use the interactive data.

Thursday, August 8, 2013

XBRL Audit: The Future is Now

by: Paul C. Bevins, Account Executive

XBRL and audit, the future is now. In the coming weeks and months the last remaining companies that currently enjoy temporary XBRL legal liability immunity will see their grace periods come to an end. This will create a very real and immediate need for an XBRL audit process, and with that accurate, speedy and cost-efficient software tools.

The possibility of a filing being at risk for errors and omissions is very real. Until now, most filers have not had to worry about the quality of their XBRL filings, only that they filed something to comply with the U.S. Securities and Exchange Commission (SEC) requirement.