XBRL is a powerful and flexible version of XML which has been defined specifically to meet the requirements of business and financial information.  It enables unique identifying tags to be applied to items of financial data, such as ‘net profit’.  However, these are more than simple identifiers.  They provide a range of information about the item, such as whether it is a monetary item, percentage or fraction.  XBRL allows labels in any language to be applied to items, as well as accounting references or other subsidiary information.

The SEC now requires all private and publicly traded companys to report in XBRL, and those reports require XBRL software. You need to be ready. Phase 2 is comming, and it’s a big deal.

The Tax Practice has partnered with the XBRL experts at SEC Filings to bring you the complete XBRL based account option. Set up an appointment today and be ahead of the pack.