Other countries such as the US and UK have already mandated XBRL filing or are in the process of doing so. Companies experienced some challenges in implementing XBRL. For example, inexperienced staff may make simple errors such as selecting different tags for the same item, creating extensions (new tags) when a tag already exists for that item, or tagging an item with the wrong directional sign (debit or credit). All this underlines the importance of trained staff performing the tagging process, having a robust audit trail to document the rationale for tag selection that can be followed in subsequent years, and a strong review process, possibly utilising one of the available software tools to facilitate the review. Some companies opted to obtain additional assurance from their auditors or advisors on the initial XBRL tagging in year one, to give management additional comfort over the correctness and completeness of the XBRL information.
Who is leading the XBRL initiative?
The XBRL movement is being governed by XBRL International; a not-for-profit consortium comprised of several working groups, and governed by a central steering committee comprised of elected members from the established jurisdictions. XBRL International includes approximately 25 established and provisional local jurisdictions, which focus on the progress of XBRL in their region. The steering committee coordinates the working groups and has responsibility for setting technical, financial and operational strategy within the organization. Workgroups have an international and jurisdictional focus. Over 650 entities worldwide are involved in the various XBRL jurisdictional organizations — including public accounting firms, technology companies, governmental entities, academia and other organizations.
Other countries such as the US and UK have already mandated XBRL filing or are in the process of doing so. Companies experienced some challenges in implementing XBRL. For example, inexperienced staff may make simple errors such as selecting different tags for the same item, creating extensions (new tags) when a tag already exists for that item, or tagging an item with the wrong directional sign (debit or credit). All this underlines the importance of trained staff performing the tagging process, having a robust audit trail to document the rationale for tag selection that can be followed in subsequent years, and a strong review process, possibly utilising one of the available software tools to facilitate the review. Some companies opted to obtain additional assurance from their auditors or advisors on the initial XBRL tagging in year one, to give management additional comfort over the correctness and completeness of the XBRL information. Who is leading the XBRL initiative? The XBRL movement is being governed by XBRL International; a not-for-profit consortium comprised of several working groups, and governed by a central steering committee comprised of elected members from the established jurisdictions. XBRL International includes approximately 25 established and provisional local jurisdictions, which focus on the progress of XBRL in their region. The steering committee coordinates the working groups and has responsibility for setting technical, financial and operational strategy within the organization. Workgroups have an international and jurisdictional focus. Over 650 entities worldwide are involved in the various XBRL jurisdictional organizations — including public accounting firms, technology companies, governmental entities, academia and other organizations.
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