By: Bob Bowman, Senior Manger
To date, only the largest SEC reporting companies have been required to submit financial information in XBRL (eXtensible Business Reporting Language). Beginning with quarterly and annual filings with the SEC for periods ending on or after June 15, 2011, all SEC reporting companies will have to submit financial information in XBRL. The implementation process of XBRL may present challenges for companies, and transition planning should be a top priority for public companies.
The SEC recently posted a summary of XBRL information for Phase 3 filers (those filers who will have to begin submitting XBRL for their next quarterly or annual filing). The summary includes useful information and links to additional resources to help with the implementation. It also includes information regarding the phase-in of the XBRL rule requirements, including applicable grace periods, meant to ease the implementation process.
You can find the SEC summary here: http://www.sec.gov/spotlight/xbrl/xbrlsummaryinfophase3-051011.shtml
If you have questions about the summary, please don’t hesitate to contact Peterson Sullivan’s SEC experts. Our Public Company Advisory Team welcomes the opportunity to talk with you. Write to us at info@pscpa.com or call 206-382-7777.
