February 17, 2008
XBRL in use by SEC eases Financial Research
The SEC is making great strides in taking the vast amount of financial data stored and filed on its website by beginning the conversion and usage of XBRL (eXtensible Business Reporting Language). This is great news for investors who need to compare and evaluate this data in an easy and understandable way. The XBRL in use by the SEC called Financial Explorer.
An excerpt from a recent article is here:
"XBRL is fast becoming the universal language for the exchange of business information and it is the future of financial reporting," said Cox. "With Financial Explorer or another XBRL viewer, investors will be able to quickly make sense of financial statements. In the near future, potentially millions of people will be able to analyze and compare financial statements and make better-informed investment decisions. That's a big benefit to ordinary investors."
The SEC already offered investors two other online viewers: the Executive Compensation viewer and the Interactive Financial Report viewer. The Executive Compensation can compare what 500 of the largest U.S. companies are paying their top executives, while the Interactive Financial Report viewer helps investors gather, analyze, and compare key financial disclosures filed voluntarily by public companies using XBRL. (To date, there have been 307 such filings from 74 companies, the agency said.) "
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
An excerpt from a recent article is here:
"XBRL is fast becoming the universal language for the exchange of business information and it is the future of financial reporting," said Cox. "With Financial Explorer or another XBRL viewer, investors will be able to quickly make sense of financial statements. In the near future, potentially millions of people will be able to analyze and compare financial statements and make better-informed investment decisions. That's a big benefit to ordinary investors."
The SEC already offered investors two other online viewers: the Executive Compensation viewer and the Interactive Financial Report viewer. The Executive Compensation can compare what 500 of the largest U.S. companies are paying their top executives, while the Interactive Financial Report viewer helps investors gather, analyze, and compare key financial disclosures filed voluntarily by public companies using XBRL. (To date, there have been 307 such filings from 74 companies, the agency said.) "
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
