ABOUT XBRL
XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format.
This standard is maintained by XBRL International, an international non-profit consortium of approximately 600 member organizations, companies, and government agencies around the world. It is an open standard, provided free of license fees, and is already being used in more than 50 countries.
XBRL US, the US-based organization of XBRL International, supports the implementation of XBRL business reporting standards in the United States (US) through the development of the digital dictionaries (taxonomies) for use by US public and private sectors. XBRL US works to achieve interoperability between sectors by promoting adoption of XBRL through the collaboration of all business reporting participants, ranging from the preparer through the investor, including regulators, standard setters, data aggregators, accounting firms, analysts, software vendors, and other stakeholders.
The GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to label precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for and assemble data so those data can be readily accessed and analyzed by investors, analysts, journalists, and the US Securities and Exchange Commission (SEC) staff.
The SEC Rule—“Interactive Data to Improve Financial Reporting”—requires domestic and foreign companies using GAAP and foreign private issuers using International Financial Reporting Standards (IFRS) to provide their financial statements in the XBRL format as an exhibit to their periodic and current reports and registration statements, as well as to transition reports needed to be filed as a result of a change in fiscal year.
In June 2018, the SEC voted to adopt amendments to XBRL requirements that would require the use of Inline XBRL for financial statements and risk/return summaries submitted by operating companies and funds. Large accelerated filers that use GAAP were required to comply with this requirement beginning with fiscal periods ending on or after June 15, 2019. Accelerated GAAP filers were required to comply beginning with fiscal periods ending on or after June 15, 2020. All other filers will be required to comply with fiscal periods ending on or after June 15, 2021.
THE INFORMATION PROVIDED IN THIS SUMMARY DOES NOT CONSTITUTE LEGAL OR ACCOUNTING ADVICE OR OPINION AND SHOULD NOT BE RELIED UPON FOR ANY PLANNING OR COMPLIANCE PURPOSES. IT IS PROVIDED SOLELY AND EXCLUSIVELY FOR GENERAL, NONSPECIFIC EDUCATIONAL PURPOSES. YOU SHOULD CONSULT WITH YOUR OWN PROFESSIONALS AND CONSULTANTS AS TO HOW XBRL REQUIREMENTS AFFECT YOU AND/OR YOUR COMPANY.
For additional details and related guidance, see the SEC website.
This standard is maintained by XBRL International, an international non-profit consortium of approximately 600 member organizations, companies, and government agencies around the world. It is an open standard, provided free of license fees, and is already being used in more than 50 countries.
XBRL US, the US-based organization of XBRL International, supports the implementation of XBRL business reporting standards in the United States (US) through the development of the digital dictionaries (taxonomies) for use by US public and private sectors. XBRL US works to achieve interoperability between sectors by promoting adoption of XBRL through the collaboration of all business reporting participants, ranging from the preparer through the investor, including regulators, standard setters, data aggregators, accounting firms, analysts, software vendors, and other stakeholders.
The GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to label precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for and assemble data so those data can be readily accessed and analyzed by investors, analysts, journalists, and the US Securities and Exchange Commission (SEC) staff.
The SEC Rule—“Interactive Data to Improve Financial Reporting”—requires domestic and foreign companies using GAAP and foreign private issuers using International Financial Reporting Standards (IFRS) to provide their financial statements in the XBRL format as an exhibit to their periodic and current reports and registration statements, as well as to transition reports needed to be filed as a result of a change in fiscal year.
In June 2018, the SEC voted to adopt amendments to XBRL requirements that would require the use of Inline XBRL for financial statements and risk/return summaries submitted by operating companies and funds. Large accelerated filers that use GAAP were required to comply with this requirement beginning with fiscal periods ending on or after June 15, 2019. Accelerated GAAP filers were required to comply beginning with fiscal periods ending on or after June 15, 2020. All other filers will be required to comply with fiscal periods ending on or after June 15, 2021.
THE INFORMATION PROVIDED IN THIS SUMMARY DOES NOT CONSTITUTE LEGAL OR ACCOUNTING ADVICE OR OPINION AND SHOULD NOT BE RELIED UPON FOR ANY PLANNING OR COMPLIANCE PURPOSES. IT IS PROVIDED SOLELY AND EXCLUSIVELY FOR GENERAL, NONSPECIFIC EDUCATIONAL PURPOSES. YOU SHOULD CONSULT WITH YOUR OWN PROFESSIONALS AND CONSULTANTS AS TO HOW XBRL REQUIREMENTS AFFECT YOU AND/OR YOUR COMPANY.
For additional details and related guidance, see the SEC website.