With XBRL starting to achieve momentum in the corporate world, the XBRL discussion turns the page to one that is focused on implementation issues.
Though the first two phases have already been put into effect, there is still a long way to go until full implementation of interactive data is complete. Only approximately 450 companies have filed detail tagged footnotes, approximately 1,200 companies began XBRL filing in 2010, and about 9,000 companies will begin filing this year after June 15.
For the few companies that have filed detail tagged footnotes, the process should get easier from period to period. However, the 2011 taxonomy is scheduled to be finalized in early 2011 and will be effective after July 15, 2011. But what is going to happen next? Will companies research better elements to replace existing or custom ones? On top of that, the modified treatment of liability will end on the two-year anniversary of XBRL filing. What are companies doing to get ready for the end of modified liability?
For those companies that have just begun filing or are about to start this year, are you downplaying the additional workload that XBRL filing will demand? Have you begun planning? Will you outsource or attempt to bring it in-house? If you are about to start detail tagging, do you have a plan in place to address all four levels of tagging? Do you have a proper review in place to ensure accuracy?
So far, this blog has been primarily aimed at business professionals who want to learn more about XBRL and who want to keep current with key XBRL issues as they emerge. We’ve stayed on top of the literature and told you what’s worth reading, as well as letting you know about meetings, webcasts, and other events worth listening to.
As we move into 2011, we will be expanding our focus to discuss how companies are implementing XBRL. Our goal is to help every company, no matter where they are in the process. For XBRL, 2011 will become “The Year of the Company.” We look forward to bringing you new insights from the company's point of view.
by Scott Barta