Ask FERF about ... sources of information on XBRL.

• Author: Sinnett, William M.
• Position: Financial executives research foundation - EXtensible business reporting language

XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data. As such, XBRL is not a technology. It is a set of standards, called taxonomies, which are built using an existing standard, eXtensible Markup Language (XML).

XBRL: A Revolution in Corporate Reporting? (see page 40) describes the benefits of XBRL from the perspectives of financial executives at three of the nine early participants in the Securities and Exchange Commission's (SEC's) Voluntary Filing Program (VFP). Other financial executives are encouraged to consider participation in the VFP. For those that do, there are several good sources of information for them to get started:

XBRL.org

XBRL is being developed by an international consortium of about 350 major companies, organizations, and government agencies. Its website, www.xbrl.org, is perhaps the best source of information on XBRL.

This website has a robust menu. Under "What is XBRL," you will find information on "Benefits and Uses," "How XBRL Works" and "FAQs" (Frequently Asked Questions).

Under "Latest News," the SEC's VFP is described. It also provides a link to a special Web page with links to the XBRL filings of the nine companies participating in the VFP, and resources for other companies considering participation in the VFP.

Under "The Showcase," you can view the details of XBRL projects that have been implemented, demonstrations of how XBRL works, case studies and white papers that are available, as well as specific XBRL products and services.

The XBRL.org website also provides taxonomies, specifications and other technical information.

Financial Executives Research Foundation (FERF)

FERF has published two executive reports on XBRL, both of them coauthored by Taylor Hawes, controller, Global Platforms and Operations, for Microsoft Corp. and chairman of FEI's Committee on Finance and Information Technology (CFIT):

Everything You Wanted to Know About XBRL, but Were Afraid to Ask (September 2003). This executive report describes how XBRL can solve key challenges faced by businesses and provides a status report on the adoption of XBRL in effect at that time.

Financial Reporting in the XBRL Age: A Step-by-Step XBRL Implementation (October 2005). This executive report describes how XBRL can be used for both internal and external reporting, and, as the title implies, provides a seven-step program for the adoption and implementation of XBRL:

1. Identify a team...