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.
A worry
Grant Thornton professional standards group
partner Sean Denham said the survey results are concerning.
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By GlobalData“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.
