The final phase of XBRL implementation is fast approaching, and the SEC is trying to keep the next wave of filers ahead of the curve.
If you're late to the party, XBRL is a data tagging language that's supposed to save the world (or at least make it easier to understand) by delivering accurate, timely, transparent and standardized financial information. The SEC launched a three-year, phased-in mandate to get all companies to file their financial statements via XBRL.
The largest U.S. companies have been the canaries in the coal mine for the past two years. Their war stories are blueprints of sorts for the smaller companies, who are next out of the XBRL gate this year.
With that final phase on the horizon, the SEC has released guidance for smaller companies that are making the XBRL transition. According to Accounting Today, that guidance includes information about:
The hardest part, though, might be wading through the XBRL myths that are scattered throughout the financial reporting landscape. Brad Monterio has taken a shot at it in a Business Finance article titled, “10 XBRL Myths Exploded.” Among them:
Read Monterio's list in its entirety, then give us your thoughts about XBRL.