Does the SEC require XBRL?
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. If you have any data structuring questions about the Inline XBRL requirements, please email [email protected].
Is XBRL restricted to financial?
XBRL is used not only in financial reporting but has been used by bank regulators to determine the level of capital adequacy and solvency of financial institutions.
Is XBRL a standard chart of accounts?
XBRL is not a new accounting standard, and its application does not require any changes in accounting standards that have been implemented in a country. XBRL will not change the reporting format. XBRL is not a chart of accounts and is not a translation tool of chart of accounts.
When did the SEC mandate XBRL?
Jan. 30, 2009
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.
What companies use XBRL?
XBRL International is made up of member organizations from around the world….Membership List.
| Member | Jurisdiction | Country |
|---|---|---|
| Business Wire | XBRL US | United States |
| Calcbench | XBRL US | United States |
| Capgemini (Netherlands) | XBRL Netherlands | Netherlands |
| CaseWare Nederland | XBRL Netherlands | Netherlands |
How many companies use XBRL?
This standard is maintained by XBRL International, an international non-profit consortium of approximately 600 member organizations, companies, and government agencies around the world. It is an open standard, provided free of license fees, and is already being used in more than 50 countries.
What is XBRL filing?
XBRL is the acronym for Extensible Business Reporting Language. Ministry of Corporate Affairs introduced the concept of XBRL filing of financial statements to ROC by mandating certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.
What is the limit for XBRL?
XBRL provides a common, electronic format for business reporting. It does not change what is being reported….XBRL in India – Applicability, Documents, Timeline, Process, Penalty etc.
| Defaulting Party | Penalty Imposed |
|---|---|
| Company | Rs. 1000 for every day of default subject to maximum of Rs. 10 lakhs |
What is the difference between XBRL and iXBRL?
So XBRL is all about function, while iXBRL takes that function and puts it in a format that is more “accessible” and visually appealing for the user. It also means that you can incorporate your XBRL tags into your HTML-formatted financial statements instead of filing a separate XBRL instance document.
How do I file an annual return in XBRL format?
- Step 1 – Creation of XBRL instance document:
- Step 2 – Download XBRL validation tool from MCA portal.
- Step 3 – Use the tool to validate the instance document.
- Step 4: Perform pre-scrutiny of the validated instance document through the tool.
- Step 5: Attach instance document to the Form 23AC and Form 23ACA.