As a move towards increasing greater transparency and comparability of disclosures, many regulatory bodies are adopting XBRL (eXtensible Business Reporting Language) as a global standard for exchanging business information (refer to http://en.wikipedia.org/wiki/XBRL for additional information).
iXBRL (in-line eXtensible Business Reporting Language) is the next generation of XBRL that allows users to view XBRL instance documents without a special viewer. UK (HM Customs and Revenue) currently mandates iXBRL submission of corporate tax returns.
Oct 25 to 27, 2011 - XBRL International Conference - Hosted by XBRL Canada (Registration/Info can be found here http://conference.xbrl.org/)
- XBRL requirement for SEC Foreign Private Issuers (FPIs) while currently exempted is moving closer to being mandated
- More and more organizations are moving towards internalizing the creation of XBRL instance documents as the market for XBRL service providers and software options mature - organizations know their data the best
- Trend to adopt built-in solutions (integrating with the financial close process and tagging at source) as opposed to bolt-on (tagging at the report level after-the-fact)
- Early adopters of XBRL are benefiting from being able to readily gather competitive intelligence and evolve their business strategy through an analysis of peer/competitor business information publicly available in XBRL format.
Reverse Chronology of Important Developments / Updates:
13-Sep-2011: TGG presents Disclosure Management as a viable option to meet an organization's XBRL requirements
01-Sep-2011: IFRS Foundation releases 350 extensions to its 2011 IFRS Taxonomy (move closer for FPI's to start submitting Interactive Data)
15-Jun-2011: Phase III SEC Filer Adoption (all filers must submit Interactive Data as part of SEC Filing the first quarter after this date)
18-Apr-2011: SEC announces that Foreign Private Issuers do not need to submit Interactive Data (XBRL) until an authorized IFRS Taxonomy is in place.
07-Apr-2010: Oracle introduces Oracle|Hyperion Disclosure Management to help organizations internally manage their XBRL requirements
Links to Resources:
IFRS Foundation- http://www.ifrs.org
Oracle|Hyperion Disclosure Management - http://www.oracle.com/us/solutions/ent-performance-bi/disclosure-management-065892.html
XBRL International - http://xbrl.org/
XBRL Canada - http://xbrl.ca/
XBRL United States - http://xbrl.us