“It’s concerning.”
In a national survey of CFOs and senior comptrollers conducted by Grant Thornton 64 percent of public companies do not currently report financial results using eXtensible Business Reporting Language (XBRL); and of those, half have no plans to in the future even though the SEC mandated that public companies have to report their financials using Interactive Data by 2011.
“It’s concerning that almost a third of public companies still have no plan on using XBRL to report their financials despite the requirement that all public companies comply with XBRL filing requirements by mid-year 2011,” said Sean Denham, a partner in Grant Thornton’s Professional Standards Group and a member of the AICPA’s XBRL Task Force. “I foresee a lot of companies playing catch up as the 2011 SEC deadline approaches.”
Does your company currently report financial results using eXtensible Business Reporting Language (XBRL)?
If no, when do you plan to report using XBRL?*
* Percentages may not total 100 due to rounding.
