eXtensible Business Reporting Language XBRL
Summary
|
 Background
- Financial Explorer
- Interactive Financial Report Viewer
- Risk / Return Mutual Fund Data in XBRL Format
- Executive Compensation Viewer
- SEC Speech at AAPG/SPE International Multidisciplinary Reserves Conference
6.25.07
XML-based
specification for financial information
-
Uses XML data tags based on standard
accounting terms
- Use of
standard data tags makes it easier
to share information
across software formats
- SEC is encouraging filers to tag
financial data
in annual and quarterly reports
and other SEC filings
- XML can also be used with a company's
general ledger
eXtensible
Markup Language XML
-
Shares a heritage with HTML
the lingua franca
of the Internet
- XML allows users to create custom
tags
- Tagged data can be readily shared by
different software programs
- Provides technical foundation for web
services
- Such as Microsoft's new ".Net" software
products
|
Developments
XBRL Financial Reporting
|
Final release 33-8529
SEC FAQs
Voluntary
XBRL financial reporting
Allows registrants to submit voluntarily
supplemental tagged financial information
using XBRL as exhibits to specified filings under Exchange Act and Investment
Company Act
- Allows investor to interact with XBRL filings
made as part of SEC's voluntary filing program
- Review for GAAP compliance by Financial
Accounting Foundation near completion
- Stakeholder groups will review draft taxonomies
before broad-based public review
- SEC Chairman Cox
announced source code for Interactive Financial Report Viewer available on SEC
website for free use by market 9.21.07
-
NYSE Euronext first
stock exchange to file
with interactive data 9.07.07
-
RSS feed files available on SEC website
-
VFP EDGAR RSS feed
-
Risk Return RSS feed
- Access is also available by going to the Search the EDGAR Database page
and pressing the orange XML buttons located next to XBRL (US GAAP) RSS Feed
and XBRL (Risk Return) RSS Feed
Related
SEC Rules
SEC
commentary
AICPA
- Congressional testimony March
2006
SEC
may mandate use of XBRL
- Has apparently started a rule-making project
- Referred to in SEC's Semi-Annual Agenda
published in the Federal Register on 12.11.06
- See 71 FR 74303
at page 74307 ("Transformation of Company Disclosures")
- "The Office of Information Technology is
considering recommending that the Commission propose rulemaking that might be
necessary to facilitate the transformation of company and regulated entity
disclosures from the current text-based formats to ones that leverage
interactive data."
|
Other XBRL Initiatives
SEC_CODE_REF_0090001192884
|
Data
Tagging of Executive Pay Disclosures
- XBRL data tagging of executive compensation data from 500 largest issuers
- Separate XBRL database provided on Corporation Finance
website for comparison and manipulation of executive pay information
Mutual
Fund Risk / Return
Summary Information
- SEC recently expanded its interactive data
voluntary reporting program to permit mutual funds to submit as exhibits to
their registration statements supplemental tagged information contained in risk
/ return summary section of their prospectuses
- Final Rules effective 8.20.07
- Sample of Voluntary Participants
|
Precedent
Financial Reporting
|
Voluntary
XBRL financial reporting
Allows registrants to submit voluntarily
supplemental tagged financial information
using XBRL as exhibits to specified filings under Exchange Act and Investment
Company Act
- Allows investor to interact with XBRL filings
made as part of SEC's voluntary filing program
- SEC Chairman Cox
announced source code for Interactive Financial Report Viewer available on SEC
website for free use by market 9.21.07
RR
Donnelley
Microsoft Sample
of pilot program companies
|
Commentary
Related Topics
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