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: Research publications: item detail
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Best Practices in Outsourcing XBRL: September 2010
©September 2010, 8 pages |
 On January 30, 2009, the U.S. Securities and Exchange Commission (SEC) issued Final Rule No. 33-9002, “Interactive Data to Improve Financial Reporting.”
These rules provide guidance on how companies should prepare and submit the required XBRL Exhibits. [eXtensible Business Reporting Language]
In the initial year, financial statement footnotes and financial statement schedules were allowed to be tagged individually as a block of text. After a year of such tagging, issuers are required to begin to tag the detailed quantitative disclosures within the footnotes and schedules and are permitted, but not required, to tag each narrative disclosure.
The year two requirements will exponentially expand the extent of tagging that is required. These requirements present a number of challenges.
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