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Back to Basics: Notes from Financial Reporting & XBRL

What is XBRL (eXtensible Business Reporting Language) is:

This is an international market driven corporate reporting information format standard

Why this is getting popular in accounting world

You can download a copy of Deloitte's XBRL [1] pod cast from here. You can also download a copy of their Technology Predictions 2008 [2] Report from the same page and refer page 14 for XBLR Information.

High point of the documents is authorities are pushing to make XBRL mandatory for the submission of tax returns and financial reports. In the US the SEC already has 40+ big companies filing XBRL tagged reports.APAC countries like China and Singapore they already started.The UK Government plans to make XBRL mandatory by 2011.

ERP Products -XBRL-enabled Products

The New is XBRL Specification 2.1 & Oracle General Ledger 11i/R12

XBRL Financial Reporting is supported in General Ledger (GL) [4] through its Financial Statement Generator (FSG).

You can map XBRL Elements to FSG Row Sets.

As per metalink note 602332.1 [5], Oracle does not support XBRL 2.1.

Currently on version 2.0 of the taxonomy is supported by Oracle in FSG's. Lets hope XBRL 2.1 will be available by sometime early in 2009.

Similar post

Suggested Reading

Improving XBRL Implementation & Interoperability [6]
This white paper provides some technical insights into the improvements made to XBRL in the 2.1 version of the standard. It is primarily aimed at IT professionals that need to advise or make decisions about the use of XBRL. Download [7]

Reference notes

2 Comments (Open | Close)

2 Comments To "Back to Basics: Notes from Financial Reporting & XBRL"

#1 Pingback By Techies Curious about XBRL? – Learn from these sessions On August 29, 2008 @ 10:55 am

[…] Curious about XBRL? – Learn from these sessionsBack to Basics: Notes from Financial Reporting & XBRLDunning and EBS R12Oracle E-Business Suite R12.1 – Release Content Documents […]

#2 Comment By Jimmy Lin On September 2, 2008 @ 6:31 pm

Nice, as I known, XBRL is very good tech, but if make it spread widely, It should need government to put it on. In china, in stock field, XBRL is adopted in publishing some financial information. it will be more larger market to spread out.

thanks for your working.