Filing Requirements

What is US XBRL requirement for SEC reporting?

The Securities and Exchange Commission requires companies to provide their financial statements in interactive data format using eXtensible Business Reporting Language (XBRL). XBRL filing requirements was brought out in 3 Phases 1 was as follows: Read more...

Taxonomy

What is XBRL Taxonomy?

Taxonomy is a collection of financial and business reporting terms, agreed upon by the reporting supply chain. US GAAP Taxonomy is being used for public company reporting to the SEC. Taxonomy specifies what type of facts are being reported and their inter-relationships. Read more...

Format

What is XBRL Format?

XBRL, eXtensible Business Reporting Language, is an XML-based markup language used to communicate financial and business data electronically. Although XBRL is based on XML, XBRL software is generally user-friendly, requiring no previous knowledge of XML and no IT background. Any entity can use XBRL to encode its financial information such as financial statements, earnings releases, and so forth. In simple terms, XBRL is a tool that benefits all users of financial statements by providing increased functionality over the traditional paper, HyperText Markup Language (HTML), and other image-based financial reporting formats. Read more...

Software

Because XBRL is a software-based technology, preparers will need to use a software tool to apply the concepts discussed in this guide. To understand what software will be most helpful in working with XBRL, preparers must first understand the different software functions available.

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Tagging

What is XBRL Tagging?

XBRL Tagging and Mapping are synonymous to each other. To create XBRL-encoded financial statements, preparers match each piece of information from the financial statements to an element in the taxonomy.

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Validation

The process of scrutinizing the instance document (.xml) generated from the software for errors is called Validation. Validating the extension taxonomy will check it for technical errors and inconsistencies. XBRL software or a Validation Tool is used to validate extensions, so a preparer should select a software product that has an effective validation function.

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Financial Statement Mapping and Tagging

What is the use of XBRL documents?

Mapping is to match each piece of information from the financial statements to an element in the taxonomy. During this matching process, if the taxonomy differs from the financial statements in such cases, preparers extend the XBRL US GAAP Taxonomy by relabelling elements, rearranging elements, or creating new elements to match the financial statements.

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XBRL Filings and Uses

What is the use of XBRL documents?

Companies, Equity Research Firms, Business Analytics Firms and such organizations find XBRL Reports, convenient to use. Though initially, the cost of XBRL might be high, cheap XBRL filing costs and services are on the anvil.

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