What is XBRL SEC?
Inline XBRL allows filers to prepare a single document that embeds machine-readable data directly into a human-readable document, thus providing data users with an easier way to view, access, and explore the contextual information of the underlying data.
What are XBRL requirements?
What documents require an XBRL component?
- Securities Act Registration Statements containing financial statements including Forms S-1, S-3, S-4, F-9, F-10, S-11, F-1, F-3, and F-41.
- Quarterly Reports on Form 10-Q.
- Annual Reports on Forms 10-K, 20-F, 40-F.
- Transition Reports on Forms 10-Q, 10-K, and 20-F.
How is XBRL used in reporting systems?
XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).
When did the SEC mandate XBRL?
Jan. 30, 2009
SEC Adopts Final Rules on XBRL: Mandates use of interactive data format for public company financial statements. On Jan. 30, 2009, the Securities and Exchange Commission (SEC) issued final rules regarding the provision of financial statements by public companies in an interactive data format known as XBRL.
Is XBRL required for proxy statements?
Under the Dodd-Frank Act, the SEC proposed a rule in 2010 that would require institutional investment managers to report their proxy votes on executive compensation, a long list of yes or no votes formatted to tag easily. This “say on pay” rule has, a decade later, still not been finalized.
What do you mean by XBRL in accounting?
eXtensible Business Reporting Language
eXtensible Business Reporting Language (XBRL) is a freely available global framework of accounting standards used for exchanging business information. XBRL is based on XML coding and is a standardized way of transmitting financial records around the world. The most current version of XBRL, v2.
What are XBRL uses?
XBRL or eXtensible Business Reporting Language is a software standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data.
How does XBRL enhance digital reporting?
XBRL puts more complete, accurate, timely information in the hands of management. This facilitates better decision-making. It also enables better reporting to other parts of the chain that need to have a clear understanding of the business. Further, XBRL allows greater control over reported information.
Who has to file XBRL?
The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.
Why do think that the SEC mandates the use of XBRL to provide financial statement information?
The new format will allow readers to download financial information directly into spreadsheets which, according to the SEC, will facilitate the comparison of financial and business performance across companies, reporting periods and industries. …
How do I view XBRL financial statements?
A system converted PDF document is available for viewing the XBRL balance sheet and profit and loss account in human readable format. Please click on the category ‘Annual Returns and balance sheet Attachment’ while using the ‘View Public Documents’ facility available on the MCA21 portal for viewing the same. .
