A third of public companies have no plans to use eXtensible Business Reporting Language (XBRL) despite the Securities and Exchange Commission (SEC) requiring all filers to electronically tag by 2011.
A survey of CFOs and senior comptrollers conducted by Grant Thornton US found 64 percent of public companies do not currently report financial results using XBRL despite many large companies already being required to do so.
Of those, half have no plans to use XBRL in the future despite the 2011 deadline.
Grant Thornton professional standards group partner Sean Denham said the survey results are concerning.
“I foresee a lot of companies playing catch up as the 2011 SEC deadline approaches,” he said.
The SEC’s XBRL roadmap dictates that domestic and foreign large accelerated filers that use US GAAP and have a worldwide public float above $5 billion were required to file in XBRL from 15 June 2009.
All other domestic and foreign large accelerated filers using US GAAP are required to file in XBRL from 15 June 2010.
The remaining filers using US GAAP and all foreign private issuers that prepare their financial statements using IFRS are required to file in XBRL from 15 June 2011.