Last Wednesday, the Securities and Exchange Commission (SEC) adopted a proposal requiring that companies’ financial statements be filed with the agency in XBRL, otherwise known as eXtensible Business Reporting Language.
The SEC has outlined a three-year XBRL phase in schedule that begins for the largest accelerated filers in the fiscal period ending on or after June, 15 2009 and concludes with the fiscal period ending on or after June 15, 2001 for non-accelerated filers.
According to NIRI, the National Investor Relations Institute, the phase in schedule is as follows:
|Year 1||Year 2||Year 3|
|U.S. (or non-U.S.) accelerated filers with a public float of $5B using U.S. GAAP (about 500 companies)||All other accelerated filers||All other filers, using U.S. GAAP or IFRS|
|Fiscal period ending on or after June 15, 2009||Fiscal period ending on or after June 15, 2010||Fiscal period ending on or after June 15, 2011|
If you’d like to learn more about XBRL and what it means for your company, Business Wire recently hosted an informative webinar on the subject. The SEC offers a host of information on its site at www.sec.gov/spotlight/xbrl.shtml and XBRL US, a local jurisdiction of XBRL International – a not-for-profit consortium of approximately 500 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption, provides news and other information in an easy-to-use format.
XBRL is now a reality, so it’s time to take the plunge and begin planning for the inevitable.
– Laurie Berman, firstname.lastname@example.org