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Finding Opportunity in New XBRL Mandates

Sponsored By webfilings

Topics:: Accounting; Compliance & Governance > SEC; Technology

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Abstract:: Most corporations are well aware that the SEC has mandated an additional filing format, eXtensible Business Reporting Language (XBRL). This additional requirement will be a challenge to incorporate into an already busy accounting close-to-SEC-acceptance reporting cycle.

Year One efforts for creating XBRL exhibits for face financial statements and block tagging notes are a challenge. Compared to the Year One effort, however, Year Two filers face the additional task of coping with a three to seven times growth in XBRL tags due to the requirements of detailed footnotes.

Companies who outsource their XBRL requirements will add waiting time, review time and possible correction time while diminishing control. This additional time will cause most accounting close-to-SEC-acceptance processes to break down.

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Released: August 30, 2010

Length: 2 pages

Format: PDF (149 kb)

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