Comments on: XBRL for the IRO http://www.zu.com/live/2009/06/ideas/investor-relations/xbrl-for-the-iro/ blog, ideas, interactive, life Sat, 22 Jan 2011 00:50:42 +0000 hourly 1 By: Peter Boritz http://www.zu.com/live/2009/06/ideas/investor-relations/xbrl-for-the-iro/comment-page-1/#comment-16261 Peter Boritz Tue, 30 Jun 2009 23:35:48 +0000 http://www.zu.com/live/?p=973#comment-16261 Filing with XBRL is new and still yet to be understood by the business community that must file. The US-GAAP is robust and requires an understanding of its intricacies. The process of educating people about the US-GAAP and how to apply it to a filing is paramount. The US-GAAP Preparers Guide lays out guidelines for a proper submission. Today, filings are limited in liability. That will be changing to full liability. Preparers need to be ready. Internal auditing and SOX compliance of filings are about to become relevant as full liability goes into affect. Internal auditing of XBRL filings is still an open unexplored field. Auditors are yet to develop the procedures and milestones necessary for authenticating an XBRL filing. To date, liability is limited. That will be changing in the near future. Filers will be liable for the content of their instance documents and extensions. Internal auditing controls need to be ready. Filers have a number of options in meeting compliance to the XBRL mandate. They can do the filing in house or they can outsource it. The in house approach has the advantage of full control. However, few businesses have expertise in SEC filings, much less XBRL. With outsourcing, you review reports, but you still have no control over what is actually represented in the instance documents and their extensions that will be sent to the SEC and there is minimal audit ability or SOX compliance management. Perhaps the best approach is a hybrid of the two. Perform the work in house with the consultation of a filing agent who has expertise in SEC and XBRL filings. <a href="http://www.snappyreports.com" title="Snappy Reports XBRL" rel="nofollow">Snappy Reports XBRL</a> Filing with XBRL is new and still yet to be understood by the business community that must file. The US-GAAP is robust and requires an understanding of its intricacies. The process of educating people about the US-GAAP and how to apply it to a filing is paramount. The US-GAAP Preparers Guide lays out guidelines for a proper submission. Today, filings are limited in liability. That will be changing to full liability. Preparers need to be ready. Internal auditing and SOX compliance of filings are about to become relevant as full liability goes into affect.

Internal auditing of XBRL filings is still an open unexplored field. Auditors are yet to develop the procedures and milestones necessary for authenticating an XBRL filing. To date, liability is limited. That will be changing in the near future. Filers will be liable for the content of their instance documents and extensions. Internal auditing controls need to be ready.

Filers have a number of options in meeting compliance to the XBRL mandate. They can do the filing in house or they can outsource it. The in house approach has the advantage of full control. However, few businesses have expertise in SEC filings, much less XBRL. With outsourcing, you review reports, but you still have no control over what is actually represented in the instance documents and their extensions that will be sent to the SEC and there is minimal audit ability or SOX compliance management. Perhaps the best approach is a hybrid of the two. Perform the work in house with the consultation of a filing agent who has expertise in SEC and XBRL filings.

Snappy Reports XBRL

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