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Every now and then I like to revisit Rivet’s XBRL journey mantra - Comply. Control. Communicate. – to remind ourselves that we are really only at stage 1 of the XBRL journey and there is a long way to go.
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4 Lines: The Sustainability 10-Q(s)July 6th, 2010 by Stewart McKie - Executive Advisor
As a follow up to my previous 4 Lines Is All It Takes post, I’d like to elaborate on what the those 4 sustainability reporting lines would actually report. A Sustainability 10-Q (simplified) if you like. Just as a reminder, the 4 lines are: INCOME STATEMENT BALANCE SHEET Tactical TaxonomiesJune 25th, 2010 by Stewart McKie - Executive Advisor
Many of you who have followed the progress of XBRL for over a decade are probably wondering: when is it going to be used to deliver a key benefit that was identified right from the start – improved control over internal reporting? Today we are stuck on compliance and control looks a long way off, let alone communication. What’s holding back the use of XBRL for internal reporting? Well I think I know the answer. It’s taxonomies or more precisely taxonomy shock. Read the rest of this entry » BP and Impact ReportingJune 17th, 2010 by Stewart McKie - Executive Advisor
Being a Brit in Louisiana right now probably feels like being a Brit in a Mel Gibson movie. The environmental disaster in the Gulf of Mexico has made a villain of British Petroleum, hammering their stock price, damaging their reputation and surely lowering the morale of their employees, many of them hard-working Americans. There are undoubtedly many lessons to be learned from this tragedy and one of them is the importance of impact reporting. Read the rest of this entry » Continuous ComplianceFebruary 22nd, 2010 by Stewart McKie - Executive Advisor
Governance, Risk and Compliance (GRC) spending is increasing in the face of more regulation and investor demand, which is why Continuous Control Monitoring (CCM) software is expected to be a top investment in 2010 according to analysts AMR Research. The interest in CCM is another good reason for using XBRL internally within your organization. Read the rest of this entry » Fear Factor: Detail Tagging EditionFebruary 18th, 2010 by Charlie Hymer, CPA - Senior Account Executive
The cloud of fear surrounding the next phase of the XBRL Mandate, Detail Tagging, has been growing darker as vendors release the numbers on just how many tags are going to be required to be compliant. The truth is, some companies’ notes have a whole lot of numbers (sometimes in the thousands) that are going to need tags when the time comes. Because of the breadth and intricacy of such an undertaking, it’s important to make sure that your provider has a grasp on what they’re doing. At the end of the day, the printer doesn’t sign off on your financials, you do. Read the rest of this entry » Audit ThreatsFebruary 2nd, 2010 by Stewart McKie - Executive Advisor
The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) has published a useful set of guidelines for auditors, XBRL Tagging of Information in Audited Financial Statements – Guidance for Auditors, which also functions as a good introduction to certain aspects of the use of iXBRL in the UK. Read the rest of this entry » The Seamless Audit TrailJanuary 25th, 2010 by Stewart McKie - Executive Advisor
Eric Cohen and other XBRL-GL evangelists have been advocating the idea of a seamless audit trail for some time now. Potentially there’s a lot of complexity to this idea involving metamodels of ERP data in UML and so on. But I’m a simple person, so I tend to think of the seamless audit trail as a refinement of a basic function of any accounting or financial reporting software package: Drilldown. Read the rest of this entry » Choosing an XBRL Solution: Outsource vs. In HouseJanuary 21st, 2010 by Chris Taylor, CPA - VP, Professional Services
The advancement of eXtensive Business Reporting Language (“XBRL”) technology along with the three-wave SEC mandate for submitting financial information as interactive data has created a tsunami for external reporting professionals at public companies. The first year interactive data SEC filing requirement has been commonly referred to as block tagging. This means that in addition to tagging the body of the financial statements the individual footnotes are each block tagged with an appropriate element from the company’s chosen XBRL taxonomy. The second year interactive data SEC filing requirement includes all the first year requirements, but then requires the additional three-levels of detail tagging for the financial statement footnotes. Read the rest of this entry » XBRL Preparedness: But for What?January 18th, 2010 by Stewart McKie - Executive Advisor
The results are in from the November 2009 survey of XBRL Preparedness by the AICPA/XBRL US. The good news is that almost half the respondents (45%) said that preparing their XBRL filings was easier second time around. But then most things are. On the other hand respondents recognized the challenges of mapping/tag selection (15%), getting educated (10%), and validation (9%). Now I know this was not part of the survey remit but an aspect of ‘preparedness’ that was not addressed is what businesses are preparing to do when all their peers and competitors are also filing in XBRL? Read the rest of this entry » |
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