Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

What Companies Should Know About XBRL Tagging

Colleen Cunningham | February 23, 2010

The digital revolution in financial reporting is underway! Oh, um—you haven’t noticed yet?

The revolution began in earnest one year ago, when the Securities and Exchange Commission enacted a phased-in requirement that all registrants start filing financial statements using XBRL, a computer language to let software pluck out individual pieces of financial data and display them to investors. Accelerated filers with more than $5 billion in market capitalization began using XBRL for periods after June 15, 2009. Other accelerated filers will begin using XBRL for periods after June 15 of this year, and the rest will follow in 2011.

This mandate follows other regulators such as the Federal Deposit Insurance Corp., the U.S. Office of the Controller and others that have been requiring for the filing of call reports in the banking industry. The FDIC required bank call reports to be submitted as an XBRL-tagged document in 2005, so it could validate the data more quickly...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.