XBRL (eXtensible Business Reporting Language) Basics (Currently Unavailable)
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
XBRL stands for eXtensible Business Reporting Language. First passed in 2009, XBRL is a global electronic information format designed to transmit and store business information in a machine readable format. XBRL is also referred to as “interactive data” by the U.S. Securities and Exchange Commission (“SEC”). Companies that use XBRL assign unique, electronically readable tags to all individual disclosure items within business reports. These tags are part of taxonomies developed by market constituents and are publicly available and license free. Taxonomies consist of financial concept definitions in which each business concept is defined and assigned a relationship to other concepts.
On June 28, 2018, the SEC adopted a final rule, Inline XBRL Filing of Tagged Data. The rule alters requirements related to the use of the XBRL format in operating companies’ financial statement information and funds’ risk/return summary information. It primarily addresses how XBRL will be filed with the SEC.
The SEC mandates XBRL for all publicly traded companies. XBRL is required to be applied to companies:
• 10K (annual financial statements)
• 10Q (Quarterly financial statements)
• Registration statements
• 8K (filing of important investor information)
• 20F certain foreign private issuers to provide information
• 40F Registrations and Annual Report for Canadian Securities
The idea behind XBRL is simple. Historically business reports treated financial information as blocks of text like a printed document or a web page. Blocks of text cannot be read by computers. But with XBRL, identifying tags provide each individual item of data with electronic content markers.
This course reviews the basic concepts of XBRL, what it is, why it is required by the SEC and important facts regarding terminology and implementation. The course also introduces the requirements of Inline XBRL and the phase in dates for compliance.
Publication Date: March 2020
Designed For
Accountants and Finance professionals, Internal auditors/Professionals considering the role of internal audit, Executive management/ Board members and Audit Committee members,
Legal and Compliance professionals
Topics Covered
- XBRL purpose
- Compliance requirements
- Features of XBRL
- Defining terms
- How XBRL works
- Who uses XBRL
- Steps and rules to create XBRL
Learning Objectives
- Recognize the purpose behind XBRL
- Identify compliance requirements for XBRL and Inline XBRL
- Describe features and benefits of XBRL
- Identify the definition of XBRL terms
- Recognize how XBRL works
- Identify who uses XBRL
- Recognize steps and rules to create XBRL
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
