Xbrl reporting to be phased in over two year period

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financial reporting (10-Q reports) beginning in June 2009 for the largest companies. -XBRL Reporting to be phased in over two-year period. -By 2011, all primary financial statements, notes and schedules filed with the SEC will be required to incorporate XBRL tags. September 1, 2011: FASB released the proposed 2012 US GAAP Financial Reporting Taxonomy for public review and comment. (Oct. 31, 2011 deadline for submission of comments.) Final 2012 US GAAP Taxonomy to be published in early 2012. IFRS Foundation is working to extend (improve) its XBRL taxonomy. (Sept. 2011) The initial release of the IFRS Taxonomy 2011 in March, 2011 was not well-received – deemed inadequate by SEC and others. 18
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Know about some of the XBRL internal control issues. XBRL data is easy to create, publish, and consume, thanks to the use of clear text and standardized tags." According to Cohen, this is because XBRL could be used for industrial espionage or other nefarious purposes unless appropriate security measures are implemented such as XML signatures and encryption Know what is meant by an XBRL taxonomy. -Taxonomies are the reporting-area specific dictionaries used by the XBRL community. -Taxonomies define the specific tags that are used by individual items of data, their attributes and their interrelationships. -Many different organizations (countries, regulators, specific industries, or even companies) may require their own taxonomies or taxonomy extensions to cover their business reporting needs. -Officially recognized taxonomies are listed on the XBRL International website. General Advice: Review Key Terms and Chapter Quiz at end of each chapter. Go over your class notes and Lecture Outlines. (Best guide as to emphasis of material.) Go over homework problems that were assigned or done in class. Review the chapter quizzes that are posted to Blackboard. Study Figures and Tables from textbook – these are good summaries of major points of chapters. 19
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