Why you need to know about XBRL

  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

18 Jul 2008

Here are the questions.

Download Deloitte's new booklet Why You Need to Know About XBRL (PDF 153k) for answers. The booklet is written from the point of view of a US SEC registrant, but most of the answers are relevant in a global context as well.

Why you need to know about XBRL

  1. What is XBRL or 'interactive data'?
  2. How does XBRL make data interactive?
  3. What if a registrant reports a financial statement line item that is unique to it (i.e., other companies would not use this line item)? Will the registrant be forced to use one of the predefined tags?
  4. What are the principal elements of the SEC proposed rules?
  5. What is the phase-in schedule?
  6. What filings and other financial information are subject to the proposed rules?
  7. At what level of detail must the footnotes be tagged in the first year and subsequent years?
  8. Under the proposed rules, when must the interactive data (XBRL-based information) be submitted to the SEC?
  9. Will XBRL replace the EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system? Will current filing formats in the EDGAR system be replaced by XBRL (i.e., will registrants be required to file XBRL documents rather than conventional financial statements, or will they be required to file both)?
  10. What steps can a registrant take now to prepare for the SEC's XBRL mandate?
  11. What implementation options are available to a registrant for preparing XBRL-based financial statements?
  12. Will XBRL documents submitted to the SEC be subject to an audit requirement? What might assurance on XBRL-formatted financial statements include?
  13. Do the current proposed rules apply to mutual funds?
  14. Where can I find more information about XBRL?
  15. How can Deloitte help companies prepare for and make the most of XBRL?
Our XBRL page is Here.


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