In short, XBRL is a language that helps companies electronically communicate their business and financial data. You’ve probably heard it used most often in the context of financial statements. Businesses are incorporating XBRL into the preparation of their financial statements to make it easier to communicate those statements to investors, analysts and other people who need that information.
Now, we’re going straight to the source for details on what XBRL can do … and what it means for CPAs.
Mike Willis is a partner with PricewaterhouseCoopers and the founding chairman of XBRL International, a not-for-profit consortium of about 550 organizations throughout the world that are joining forces to build XBRL and support its adoption.
Willis talked with me over the phone recently about the nuts and bolts of XBRL – what it is, what it’s designed to do, the timeframe adoption and lots of related issues. Listen to what he has to say in this CPA Spotlight podcast.
- Subscribe to our free weekly podcasts here, or open your copy of iTunes and search for “CPA Spotlight.”
When you’re done listening to the podcast, check out some of these additional resources.
- XBRL case studies
- Demonstrations of XBRL in action
- More demos: Microsoft | Edgar Online | Rivet Software Crossfire | Google OneBox
- XBRL taxonomies
- Six Steps to XBRL (from the Journal of Accountancy)
- ROI on XBRL (from the Journal of Accountancy)
- Improved Business Process through XBRL
- Benefits and uses for business
Learn more at the Expo
Willis will discuss XBRL in detail during a session at the first-ever Maryland Business and Accounting Expo, slated for June 17-18 at the Baltimore Convention Center. Get details about the Expo here, then pre-register here.