2012 has possibly been the largest year in XBRL’s history,
and we’re only half-way through it! In celebration of some of the year’s
biggest advancements in financial reporting, BusinessWire has put together a
retrospective on XBRL. This week, we’ll be sharing some of our thoughts on
BusinessWire’s picks, and sharing some links to our coverage on those topics.
“The upcoming filing season looks to be one of the busiest
yet for XBRL preparers, with all US public companies submitting financial
statements to the SEC required to include detail-tagged XBRL as of June 15,
2012.”
We’ve been following (and blogging about) this impending
date since 2009. From those first posts, we’ve been helping financial services companies prepare for the date when each of them would eventually be required
to present their financial reports in XBRL. Now, though, we’re all under the
same umbrella.
“XBRL has increased its presence in the US Congress with the
Digital Accountability and Transparency Act, which the House of Representatives
unanimously passed on April 25, 2012…Following its strong bipartisan success in
the House, the DATA Act has been referred to the Senate Committee on Homeland
Security and Governmental Affairs.”
The DATA Act was a huge step in the fight for governmentfinancial transparency, and it was a wonderful moment to watch the Act passuncontested. Now, we’ll keep our eyes on the future to see what organizations
will be adopting XBRL next.
“This is the second version of the Corporate Actions
Taxonomy, designed to tag over 50 types of corporate actions announcements,
including mergers and acquisitions, dividends, redemptions, tender offers, and
stock splits. Approximately 200,000 corporate actions are released each year in
the US, and these textual announcements require time-consuming manual steps to
process as financial data.”
As XBRL grows, it continues to become more and more
convenient for companies of all sizes. XBRL US has done an excellent job inupdating the taxonomy, and allowing corporations to contribute to the growth
and improvement of the language.
Merrill Corporation is proud to offer XBRL Complete,
a suite of services that meets - and has
options to exceed – the mandated requirements
for XBRL for mutual funds. For more information,
please click here or call 866-367-9110.
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