SEC Requirements Take Effect June 2010
NEW YORK, Jan. 15 /PRNewswire/ -- To help public companies prepare for a Securities and Exchange Commission requirement that takes effect in five months, the American Institute of Certified Public Accountants is hosting a Jan. 27 webcast on submitting financial statements in eXtensible Business Reporting Language (XBRL), an internet-based standard.
"XBRL – Preparing for Phase II and Detailed Tagging" is designed for chief financial officers, controllers, accounting and finance managers and CPAs working with clients who prepare financial statements.
Jeffrey Naumann, CPA, assistant director of the SEC Office of Interactive Disclosure, and Susan Yount, CPA, who joined the SEC in 2009, will offer guidance to large and medium-size public companies that must submit filings with data tags by June 15. Companies with market capitalization above $5 billion began filing in XBRL in 2009, but this year must submit financial statements with more detailed tagging of footnotes. Those with market capitalization above $700 million must make their initial submission in XBRL without detailed tagging of footnotes.
"XBRL is an important tool for companies, analysts and investors," said Arleen Thomas, AICPA senior vice president – member competency and development. "It enhances transparency by helping analysts and other users of financial and business information to access and analyze relevant data more efficiently and effectively. In little more than a year, all U.S. publicly traded companies will file their quarterly and annual financial reports with the SEC in XBRL format."
The Jan. 27 webcast will run 2 – 3:30 p.m. EST and is free of charge. CPAs who attend may receive CPE credit. To register, visit www.cpa2biz.com and click on "Web Events" on the left hand menu.
A survey of 215 public companies sponsored by the AICPA and XBRL US revealed that 45 percent of the respondents are actively preparing or already have submitted financials to the SEC in XBRL format. For more information on survey results and key findings, visit http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/BRAAS/XBRL.html.
XBRL began in 1998 when accounting and technology professionals brought the idea to the AICPA board of directors. The AICPA founded a committee to develop XBRL and provided initial funding. In 2004, the SEC launched a voluntary XBRL filing program. In 2008, the commission made XBRL filings mandatory for its registrants.
About the AICPA
The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J., and Lewisville, Tex.
Media representatives are invited to visit the AICPA Online Media Center at www.aicpa.org/mediacenter.
SOURCE American Institute of Certified Public Accountants