Recently, the SEC mandated that the accounting profession undertake two daunting transitions: International Financial Reporting Standards and Extensible Business Reporting Language (XBRL). In the interim, the SEC's aim is to have the 500 largest public companies file using XBRL by June 2009, have medium-sized filers convert to XBRL by 2010, and the rest of the public filers by 2011 (as of Nov 20, 2008, 106 companies filed in XBRL format). At this point, Interactive Data Electronic Applications would replace the Electronic Data Gathering, Analysis, and Retrieval system. XBRL stores and delivers data at the data element level by tagging or marking up meaningful and identifiable individual elements of data. The details of XBRL may be too technical for most CPAs, but it is nonetheless important to familiarize oneself with the basics. Converting financial statements into XBRL format is not as hard as it looks, especially with appropriately tailored XBRL conversion software.
How CPAs Can Master XBRL Jianing Fang The CPA Journal; May 2009; 79, 5; Docstoc pg. 70 Reproduced with permission of the copyright owner. Furt
Pages to are hidden for
"How CPAs Can Master XBRL"Please download to view full document