Last time I talked with him, Marvin was studying Sanskrit. Nobody uses this acronym.
XBRL is intended to make it easy for financial and analytical applications to import, manipulate and compare data. Where did it come from?
The specification has gone through one major round of revisions, and although specific usage scenarios are still being refined, backers say the basics are all there. Why is it needed? To level the playing field, for a start. Business professors at the University of Washington and Indiana University conducted a study in which they gave students mock financial statements, one for a company that footnoted options and a second for a company that expensed them.
When the researchers presented the same reports in XBRL and provided software that could search for the same variables across documents, however, the test subjects did a better job of making apples-to-apples comparisons. Who uses it today?
A handful of organizations with an interest in promoting the standard, including Microsoft, Morgan Stanley, Edgar Online and Reuters. However, for XBRL to be truly useful to analysts and investors wishing to make comparisons, the financials of many companies would have to be available in XBRL.
What does it take to support XBRL? The easiest way is to buy software that supports XBRL.
As accounting and financial reporting vendors continue to build XBRL support into their products, "the software insulates the user from having to address the underlying technology," says Rob Blake, Microsoft group product manager for XBRL.
Still, you might expect that finance and technology executives will want to scrutinize and adjust the data model they will be exposing to the outside world before they start publishing their financials in XBRL.
Is this likely to be widely adopted? The Federal Deposit Insurance Corp.
The other thing that might drive adoption is investor and analyst demand, which might be influenced by software support. Analysts will be able to import XBRL documents into Excel, eliminating a lot of laborious cut-and-paste work, and use standard Excel functions, combined with functionality from the add-in, to compare the financials of different firms.
Carr is the Technology Editor for Baseline Magazine, a Ziff Davis publication focused on information technology and its management, with an emphasis on measurable, bottom-line results. David joined Baseline prior to the launch of the magazine in and helped define popular elements of the magazine such as Gotcha!Updated world stock indexes.
|Introduction||Provided that the companies preparing their financial statements under the Companies Accounting Standards Rules, shall file the statements using the Taxonomy provided in Annexure-II and companies preparing their financial statements under Companies Indian Accounting Standards Rules,shall file the statements using the Taxonomy provided in: Provided further that non-banking financial companies, housing finance companies and companies engaged in the business of banking and insurance sector are exempted from filing of financial statements under these rules.|
|Filing of documents and forms in XBRL | AishMGhrana||The crew of the Skylark try to use their newly invented space suits, which have never been actually tested in the field DuQuesne reported briefly to the two girls. All three put on space-suits and crowded into the tiny airlock.|
|Official Internet Protocol Standards » RFC Editor||A standard that is consistent across the world.|
Get an overview of major world indexes, current values and stock market data. all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, However, companies in Banking, Insurance, Power Sector and Non-Banking Financial Companies are exempted from XBRL filing.
(3) The companies which have filed their financial statements under the erstwhile rules, namely the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, , shall continue to file their financial statements and other documents as prescribed in sub-rule (1) though they do not fall under the class of.
In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, (hereinafter referred to as the principal rules), for rule 3, the following rule shall be substituted, namely:—.
The SEC’s rule that requires public companies to embed eXtensible Business Reporting Language (XBRL) data tags directly into their financial statements may improve the reliability and consistency of financial information in an interactive format.
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