As the Securities and Exchange Commission marches toward the mandatory adoption of XBRL technology, it is hearing encouraging words from its counterparts around the globe already using the eXtensible Business Reporting Language. Participants at a June 10 SEC roundtable generally praised XBRL and had no major complaints about their experience implementing the financial reporting standard. […]
Technology
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XBRL Meets Modern Investor Relations
Three years ago, the Securities and Exchange Commission introduced a financial reporting “tagging” concept called eXtensible Business Reporting Language (XBRL). Seventeen pioneers—including 3M Company, Altria Group, Microsoft, Pfizer, and Xerox—volunteered to file their financial statements using XBRL, to see what this new technology could do. Fast forward to today. On May 14, the SEC voted […]
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SEC Wants Quick Action on XBRL
The Securities and Exchange Commission has released the details of its proposal to mandate XBRL technology for financial filings and begun a full-court press to get a rule passed as quickly as it can. The 143-page release was published May 30 and is now open for public comment until Aug. 1. The SEC included dozens […]
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Auditing a Company’s IT Strategies
Today’s IT solutions are complex, and they are getting more challenging to implement all the time. One of the great questions for management at any company these days is simply whether all the investment in those systems is worth it. Internal auditing can play a critical role there, measuring and inspecting how the IT investment […]
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The Early Questions on XBRL Adoption
The Securities and Exchange Commission has yet to release its formal proposal that companies start adopting XBRL technology for financial reports starting as soon as next year—so Corporate America is engaging in some good old rampant speculation until then. The SEC took its first step toward an XBRL mandate on May 14 when it […]
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Three Years to Get Moving on XBRL
Anyone closely following the Securities and Exchange Commission has long known that sooner or later, the agency would order companies to start filing financial reports using XBRL technology. Well, it seems the SEC has opted for sooner. Under a plan unveiled last week, the largest 500 public companies in the United States would start submitting […]
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SEC Delays Meeting on XBRL Proposal
Securities and Exchange Commission plans to transform corporate financial reporting through the use of interactive data are, apparently, on hold for a few more weeks. The SEC had announced last week that it would vote yesterday, April 21, on whether to propose a rule requiring companies to file financial reports using XBRL technology. Then, just […]
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Educating Staff Leads to Improved IT Security
In today’s business environment, information security and protection of information assets are vital to the long-term success of all organizations. Information is the lifeblood of corporations and a vital business asset. IT systems connect every internal department of a company and connect the whole company to myriad suppliers, partners, customers, and others on the outside, […]
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FTC Identity Theft Rules Put Cos. on Alert
Financial institutions and other creditors soon will be under the close eye of the Federal Trade Commission and banking regulators, which are stepping up their scrutiny of how those businesses detect and respond to identity theft. According to new “Red Flags” rules that went into effect Jan. 1, any organization that handles consumer financial data […]
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Software, Printing Vendors Prep for XBRL
Many public companies have been, ahem, less than enthusiastic about adopting XBRL for their financial-reporting processes. Software vendors, however, are just about doing handsprings for what they see as their moment finally arrived. In the last six months, the Securities and Exchange Commission has unveiled a trio of XBRL software programs for investors; the most […]
