What countries use XBRL?

Membership List

Who developed XBRL?

XBRL was developed in 1998 with version 1.0 by the American Institute of Certified Public Accountants (AICPA). The latest version of the standards, v2. 1 was formalized in the year 2003.

Who is required to use XBRL?

The SEC Rule—“Interactive Data to Improve Financial Reporting”—requires domestic and foreign companies using US 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 …

Does XBRL set new accounting standards?

The US GAAP Taxonomy was developed by XBRL US under contract with the SEC as a comprehensive set of reporting elements that include GAAP requirements and common reporting practices. “We will continue to work closely with the FASB to align the US GAAP reporting elements with all new accounting standards.

Is XBRL used internationally?

XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. XBRL is used around the world, in more than 50 countries.

What is an XBRL taxonomy?

Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. They define the specific tags that are used for individual items of data (such as “net profit”), their attributes and their interrelationships.

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.

How does XBRL make business report more efficient?

XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making.

What is the history of XBRL?

The short history of XBRL is traced back to 1998. In April 1998, Charles Hoffman, a CPA with the firm Knight Vale and Gregory in Tacoma, Washington investigated XML for the electronic reporting of financial information. Charlie began developing prototypes of financial statements and audit schedules using XML.

Is XBRL required for Form 10?

Question: Registrants subject to Inline XBRL requirements are required to tag all of the information on the cover page of Form 10-K, Form 10-Q, Form 8-K, Form 20-F, and Form 40-F using Inline XBRL, including the company name.

Is XBRL mandatory?

On June 28, 2018, the Commission adopted amendments requiring the use of Inline XBRL for operating company financial statement information and fund risk/return summary information.

How is XBRL used in accounting?

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).

Are South African companies leading the way in corporate reporting?

South African organisations have been acknowledged as among the leaders in this area of corporate reporting with many listed companies and large state-owned companies having issued integrated reports. An integrated report may be prepared in response to existing compliance requirements – for example, a management commentary.

What is the International Integrated Reporting Framework (IRF)?

The International Integrated Reporting Framework will encourage the preparation of a report that shows their performance against strategy, explains the various capitals used and affected, and gives a longer-term view of the organisation.

Is the integrated report the next generation of annual report?

The integrated report is creating the next generation of the annual report as it enables stakeholders to make a more informed assessment of the organisation and its prospects. The IIRC has set out a principle-based framework rather than specifying a detailed disclosure and measurement standard.

What is the QSA 1030bb for beef to Australia?

Establishments operating under the approved EV program, QSA 1030BB, for beef to Australia are eligible to export. Information about the EV program for Australia can be obtained from the AMS web site and a list of approved establishments for Australia, including their approval dates, can also be obtained from the AMS web site.

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