Good XBRL Things Are Coming
When the Convergence Assistant experiment started back in 2007 it was an exciting time. It was conceived as an awareness tool to help Canadian businesses understand the implications of the transition from the local GAAP to IFRS. It soon became one of the first publicly available applications that leverages the power of XBRL Global Ledger as the “great reconciler”, allowing a business to map its own chart of accounts to the GIFI, a standard chart of accounts used in Canada, and leverage pre-defined mappings (expressed as XBRL GL instances)...
read moreXBRL Global Filing Manual
The Interoperable Taxonomy Architecture project, a joint initiative between the US Securities and Exchange Commission (SEC), the Japan Financial Supervision Agency (FSA) and the International Financial Reporting Standards (IFRS) Foundation XBRL team, recently published the Global Filing Manual (GFM), a set of best practice rules for the preparation, validation and filing of XBRL documents. More information can be found here, and the actual manual is here. This document is a very useful resource made available by a globally significant...
read moreAICPA White Paper: Impact of the Transition to IFRS on IT Systems — XBRL Can Help
The white paper “Financial Systems Considerations in IFRS Conversion Projects” recently published by AICPA is available here. it includes considerations on: Background of IFRS and Information Technology (IT) impact when converting to IFRS Key differences between IFRS and US GAAP and the impact to financial/business reporting Implementation considerations Learning from the European experience A use case: IFRS transition in Canada The white paper also discusses the benefits of a standards based approach to IFRS transition and what XBRL has to...
read moreHope To See You In Paris
If you are in Paris — or around there — during the week of June 22, and since you are reading this blog, chances are that you are already aware of the 19th XBRL International Conference. What you may not be aware of are the excellent opportunities for training that the Conference offers in such topics as taxonomy design, conversion of financial reports to XBRL and how to leverage XBRL internally for the benefit of your company with an XBRL Global Ledger (XBRL GL) introductory and intermediate courses. I will be teaching the XBRL GL courses...
read moreXBRL Implementation Strategies: The Bolt-on Approach, Strategic Finance, May 2009
My XBRL column in the May 2009 issue of IMA’s Strategic Finance discusses in more detail one of the three XBRL implementation strategies outlined in the March 2009 column: the bolt-on approach. In brief: With the bolt-on approach filings and reports are created following the existing process and converted to XBRL once finalized, either in-house or by a third party; This approach is a fast and relatively inexpensive way to react to the SEC - or any other — XBRL mandate, and it is also the only approach promoted and supported by the vast...
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