XBRL FAQ

XBRL is an XML-based reporting language created for the use of submitting financial information to government institutions around the world. The U.S. Securities and Exchange Commission requires public reporting corporations and mutual funds to include XBRL data on selected form submissions to the SEC. According to the SEC, the purpose of XBRL interactive data is to provide greater transparency to investors and make the dissemination of information more efficient throughout the marketplace. Learn more

XBRL is designed to increase the speed at which investors are able to manipulate and compare data across companies and industries. XBRL files can be downloaded into spreadsheets for easy manipulation of data, thereby providing more efficiencies and transparencies to the financial markets and a safer trading environment for investors.

All SEC filers that file financial statements prepared in accordance with U.S. GAAP, including smaller reporting companies and foreign private issuers, must file quarterly and annual reports in XBRL to the SEC effective as June 15, 2011.

Filers, according to size, have been filing XBRL exhibits to the SEC since the dates listed below:

The following forms require XBRL exhibits to be attached:

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Yes. Since XBRL was mandated in 2009, filers have been required to submit both HTML and XBRL documents in the same submission to the SEC.

A filer's first submission of XBRL should be filed on forms that require XBRL such as Forms 10-Q, 10-K, 20-F, 40-F, 485BPOS, or 497. Following the first filing, XBRL files are required to be posted to the company's corporate website by the end of the calendar day.

First-time Filer Grace Period

First-time filers of XBRL are able to take advantage of a 30 day grace period. This means that on a document that requires XBRL, such as a 10-Q, XBRL will not need to be submitted until 30 days after the date the initial EDGAR filing was submitted. Issuers will need to still file the EDGAR version by the deadline to avoid penalties. If issuers choose to use the grace period, the XBRL filing must be submitted using an amendment filing.

XBRL is a global phenomenon with taxonomies being developed and adopted around the world. The SEC mandate for XBRL represents the world's largest capital market to report interactive data, but XBRL is already in use by governments, regulators, banks, agencies, and public and private businesses worldwide in a wide array of applications. Although XBRL was first developed in the U.S., China was the first to mandate its use, in 2005. Australia and Japan soon joined the ranks of early adopters. Although the U.S. and Asia have focused on using XBRL in capital markets, Europe uses it for a wide array of electronic-government and cross-border applications, allowing European governments, banks, and businesses to share consistently structured XBRL data.

XBRL reporting requirements do not apply on the following forms:

The main financial statements:

The footnotes:

XBRL leverages the internet by automating the financial interpretation of data across mass amounts of mediums in a global uniform reporting language. It provides the ability for data re-usability, thereby reducing costs for regulators and users everywhere.