XBRL Business Language

What is XBRL?  XBRL, or eXtensible Business Reporting Language  An extension of XML, or eXtensible Markup Language  The goal of XBRL is to develop a set of standardized XML tags, or XBRL taxonomy

What are XBRL Taxonomies?  There are three different types of Taxonomies:  General-purpose financial statement taxonomies  Special-purpose regulatory reporting taxonomies  General ledger taxonomies

Uses of XBRL  XBRL can be used by a wide variety of stakeholders in a company  Rather than creating multiple documents for each stakeholder, XBRL allows companies to create one for all of them  Improves Internal Reporting and reduces possibilities for human errors

The Conversion to XBRL  April 2009, - The SEC issued a final rule mandating interactive data when filing financial reports  June 2009, of the largest accelerated filers  June 2010, - Medium sized filers  June 2011, - all other filers using GAAP or IFRS

XBRL Outside of the USA  As of the second quarter of 2011 the U.K. HM Revenue and Customs requires all filers to use XBRL  U.K., Germany, Denmark, Japan, China and the Netherlands all are aggressively mandating conversion to XBRL

Converting Process Types  Bolt-On Solution  Outsourced Managing Tagging Solution  Integrated Solution

XBRL in Audit  Can be useful in both Compliance and Financial Audits  Eliminates the need for random sample testing  Reduces detection risk and consequently audit risk

Sample of XBRL  Sample XBRL Instance Document Sample XBRL Instance Document  Sample XBRL PDF printout of financial statements Sample XBRL PDF printout of financial statements

Conclusion  Reduces cost  Increases efficiency  Improves accuracy and reliability  Can provide financial reports for many different stakeholders from one document

The End