The US Securities and Exchange Commission (SEC), published a final set of rules on 30 January 2009, for mandatory use of eXtensible Business Reporting Language (XBRL) in reporting financial information to the SEC for filing in SEC EDGAR. The reporting was enabled by XBRL US, developing the US GAAP digital dictionary for the required disclosures and common reporting practices under contract with the Securities and Exchange Commission (SEC).
The SEC mandated the use of XBRL for public company reporting and other reporting applications:
1. Public Company Reporting
All public companies must file in XBRL format; companies with worldwide public float greater than $5 billion to comply starting with the period ending June 2009; all other large accelerated filers to comply starting with the period ending June 2010; all other public companies comply with the period ending June 2011.
2. Risk-Return Summary Portion of Mutual Fund Prospectus
Mutual funds must begin publishing the risk-return summary portion of their prospectuses in XBRL format starting January 1, 2011.
3. Credit Rating Agencies
Must report rating actions (initial rating, upgrades, downgrades etc.) in XBRL format.
The SEC and XBRL US have resources available to help public company preparers get educated, identify tools and resources to tag their financials and create their own XBRL-formatted financials. The SEC has also mandated EDGAR Filing for Non-U.S. Issuers. The XBRL filings done are accessible from U.S. SEC’s EDGAR database.
4. Financial Printers
Volition LLP provides XBRL Services to the financial printers, we have the capability to deliver XBRL as per the US GAAP and IFRS taxonomies.