CPA Resources
CPA Resources

Survey: Most companies ready for XBRL mandate

WASHINGTON, May 20, 2009 -- At least 340 of the estimated 500 public companies that the Securities and Exchange Commission requires to begin filing in XBRL format in June 2009 have already converted their financial statements to XBRL.

The survey of leading filing agents was conducted by XBRL US, the non-profit XML standard-setter that developed and maintains the U.S. GAAP dictionary (taxonomy) used by filers to comply with the SEC mandate.

The SEC’s mandate of public company reporting in XBRL will be phased in over two years with the largest public companies -- those with a worldwide public float of $5 billion or higher -- required to comply with the mandate starting with their June 15, 2009 quarter, a group estimated at 500 companies.

All other large accelerated filers must comply starting with their June 15, 2010 fiscal quarter and all other publicly traded companies and foreign private issuers will be required to comply starting with their June 15, 2011 fiscal quarter.

“These XBRL financial statements represent almost $7 trillion in market capitalization, over 50 percent of the total market cap for all publicly traded companies reporting to the SEC. We’re at critical mass and looking forward to extending investor benefits to other asset classes in the future,” said Alfred R. Berkeley, chairman of Pipeline Financial Systems LLC and chair of the XBRL US Board.

XBRL US finalized and released the 2009 version of the U.S. GAAP taxonomy on April 21, 2009. This current release incorporates industry changes and new FASB pronouncements and is being used by public companies preparing their financial statements in XBRL to comply with the SEC mandate.

XBRL US is also responsible for developing XBRL tags for mutual fund risk/return summary portion of prospectuses and the schedule of investments. These tags are all part of a single, unified and interoperable taxonomy.

The taxonomy can be reviewed here.

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