Friday, January 15, 2010

Survey Shows Companies in the US are getting ready for XBRL

XBRL US, the XML standard setter for business information reporting in the U.S., announced today that public companies are heeding the advice to "start early" in preparing for XBRL adoption, according to a joint survey with the American Institute of Certified Public Accountants (AICPA). 73% of respondents said that they have begun preparations for adoption of XBRL. Most of those surveyed, 93%, had at least a basic knowledge of XBRL. See a report on the survey at this site.

The situation is very different in Canada, where in a recent survey, more than 80% of respondent companies had little or no understanding of XBRL. Cross listed Canadian companies will be required to conform to the SEC requirements. They are scaling in over the next few years, but the big effect will take place when IFRS is adopted next year. Companies filing with the SEC in IFRS will be required to file in XBRL.


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