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XBRL Business Language

XBRL Business Language. What is XBRL?. XBRL, or eXtensible Business Reporting Language An extension of XML, or eXtensible Markup Language The goal of XBRL is to develop a set of standardized XML tags, or XBRL taxonomy. What are XBRL Taxonomies?.

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XBRL Business Language

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  1. XBRL Business Language

  2. What is XBRL? • XBRL, or eXtensible Business Reporting Language • An extension of XML, or eXtensible Markup Language • The goal of XBRL is to develop a set of standardized XML tags, or XBRL taxonomy

  3. What are XBRL Taxonomies? • There are three different types of Taxonomies: • General-purpose financial statement taxonomies • Special-purpose regulatory reporting taxonomies • General ledger taxonomies

  4. Uses of XBRL • XBRL can be used by a wide variety of stakeholders in a company • Rather than creating multiple documents for each stakeholder, XBRL allows companies to create one for all of them • Improves Internal Reporting and reduces possibilities for human errors

  5. The Conversion to XBRL • April 2009, - The SEC issued a final rule mandating interactive data when filing financial reports • June 2009, - 500 of the largest accelerated filers • June 2010, - Medium sized filers • June 2011, - all other filers using GAAP or IFRS

  6. XBRL Outside of the USA • As of the second quarter of 2011 the U.K. HM Revenue and Customs requires all filers to use XBRL • U.K., Germany, Denmark, Japan, China and the Netherlands all are aggressively mandating conversion to XBRL

  7. Converting Process Types • Bolt-On Solution • Outsourced Managing Tagging Solution • Integrated Solution

  8. XBRL in Audit • Can be useful in both Compliance and Financial Audits • Eliminates the need for random sample testing • Reduces detection risk and consequently audit risk

  9. Sample of XBRL • Sample XBRL Instance Document • Sample XBRL PDF printout of financial statements

  10. Conclusion • Reduces cost • Increases efficiency • Improves accuracy and reliability • Can provide financial reports for many different stakeholders from one document

  11. The End

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