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XBRL and Augmented RealityJanuary 29th, 2010 by Stewart McKie - Executive Advisor
Once again, no-one invited me to Davos this year, so I’ve been spending my time noodling about XBRL analytics and in particular the visualization of XBRL data. Which led me to this odd couple: XBRL and Augmented Reality. By the way, I think Walter Matthau is perfect for the part of XBRL. 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 » It’s All About Software (2)December 3rd, 2009 by Stewart McKie - Executive Advisor
As the UK prepares for filing tax returns in iXBRL the press is whipping up a media frenzy about battles between software companies and accountants. They obviously didn’t read my previous post, It’s All About Software. I know the software I use to do my UK tax filings is already testing its iXBRL output capability, so all this looks like nothing more than a slight draught in a rather large teacup. HeXBRLSeptember 17th, 2009 by Stewart McKie - Executive Advisor
As Eric Cohen rightly pointed out on Twitter, although there’s no mention of XBRL in the press release, the news that the US SEC and the UK FSA have agreed to identify a common, coherent set of data to collect from hedge fund advisers/managers to help the SEC and FSA identify risks to their regulatory objectives and mandates is surely indicative of yet another candidate for an XBRL taxonomy to add to the growing, global financial information ecosystem. The good news is that our Crossfire financial reporting solutions are ready to leverage any new taxonomy to help realize the latent value of XBRL-tagged data. Where’s My PDF Dude?September 15th, 2009 by Stewart McKie - Executive Advisor
A very useful analysis of the recent SEC filing round – The results are in on first XBRL filing in Compliance Week includes this quote: Another criticism: the rendering of XBRL-tagged statements—that is, how they appear to investors when viewed in XBRL reader programs, such as the one on the SEC’s Website. “Companies are hung up on the fact that it doesn’t look exactly like the PDF version of their financials,” says Gary Purnhagen, an XBRL consultant in New York. Now whether that’s true or not, it highlights one of the contentious issues with ‘interactive data’: Read the rest of this entry » Rivet’s Summary of the 2009 US GAAP XBRL TaxonomyJune 2nd, 2009 by Christy Rohrs, CPA - Director of Corporate Compliance and Reporting
A Quick User’s Guide for PreparersThere are a lot of questions going around right now about when companies should be using the 2009 US GAAP Taxonomy for their XBRL filings. Per the Edgar Filer Manual located on the SEC website (http://www.sec.gov/info/edgar/edmanuals.htm), Edgar is anticipating being able to handle the 2009 Taxonomy in the third quarter of their fiscal 2009 year which is 6/30/09: It is anticipated that in the third quarter of Fiscal Year 2009, EDGAR Release 9.15.2 will introduce the following changes: 1) the existing US GAAP Taxonomy will be upgraded to 2009 US GAAP Taxonomy. 2) The US GAAP Beta 2.0 Taxonomy will no longer be supported and 3) Submission Type SH-ER Information Table XML documents will be validated against the schema included in the Submission Type SH-ER Information Table XML Technical Specification posted on http://www.sec.gov/info/edgar.shtml.
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