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XBRL
eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world. On January 30, 2009, the SEC adopted the Interactive Data to Improve Financial Reporting final rules (the Final Rules) requiring public companies that prepare their financial statements in accordance with U.S. generally accepted accounting principles (GAAP), and foreign private issuers that prepare their financial statements using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) to provide their financial statements to the SEC and on their corporate Web sites in interactive data format using XBRL.
The CAQ has developed this section of our Web site to include information about XBRL. We encourage our member firms to learn more about XBRL in order to understand how to obtain more rapid and reliable data on a company's financial performance; greatly reduce effort and costs in gathering and analyzing data for benchmarking purposes; focus efforts on analysis and value-added work and to simplify and automate tasks. The Final Rules effective date and phase-in schedule are provided directly below, as well as additional XBRL resources.
Effective Date
The Final Rules are effective April 13, 2009 with the exception of §232.406T which is only effective from April 13, 2009 until October 31, 2014.
Phase-In Schedule
Submission of the first interactive data file is required for the first quarterly report on Form 10-Q or annual report on Forms 20-F or 40-F containing financial statements for the respective issuers for fiscal periods ending on or after the following dates:
| Date |
Issuer Description |
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June 15, 2009 |
Domestic and Foreign Large Accelerated Filers Using U.S. GAAP with Worldwide Public Common Equity Float above $5 Billion as of the End of the Second Fiscal Quarter of Their Most Recently Completed Fiscal Year |
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June 15, 2010 |
All Other Domestic and Large Accelerated Filers Using U.S. GAAP |
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June 15, 2011 |
All Remaining Filers Using U.S. GAAP, including Smaller Reporting Companies |
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June 15, 2011 |
Foreign Private Issuers with Financial Statements Prepared in Accordance with IFRS as Issued By the IASB |
Learn More About XBRL
Section I. XBRL
Section II. SEC
Section III. PCAOB
Section IV. Other XBRL Resources
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