XBRL Resource Center

XBRL, or e Xtensible Business Reporting Language, is an open, global information standard that defines and provides names—or “tags”-- for numbers, narrative text, dates and other facts in a business report.   It is often described as “bar coding” for financial and business information.  XBRL is a type of XML or eXtensible Markup Language, meaning that it can be further developed and embellished.

XBRL makes financial data interactive, reusable and timely. All companies provide financial information to various constituent groups. Currently, they generate this information and present it to users in a static document, either computerized or hard copy.  Anyone wanting to analyze, compare or aggregate the financial information, either within or between companies, is forced to re-enter the data into a spreadsheet or other program, or to run specialized programs that need to be rewritten whenever document formats or content formats change.

Businesses need a way to share information efficiently and effectively.  Users need to be able to access data using the software of their choice, search it without undue effort, analyze the selected portions, and compare information within and across companies.  XBRL will help businesses address all of these requirements.  XBRL takes current static financial and other business information and makes it, in the words of SEC Chairman Christopher Cox, “interactive data.”

This  XBRL Resource Center will point you to information and materials that will keep you apprised of the latest developments in this emerging field.

Download Grant Thornton's FAQ  on XBRL.

What is Grant Thornton’s role in XBRL?

Grant Thornton LLP has dedicated significant funding and people to the development of XBRL, including a commitment of $1 million to XBRL US, Inc. to support the successful adoption of XBRL. 

Mike Starr, Chief Operating Officer of Grant Thornton International, is a member of the XBRL-US Board of directors. A former Grant Thornton LLP director, Dan Roberts, was a two-term Chair of the XBRL-US Steering Committee. In addition, Mike Krzus, a National Professional Standards Group partner at Grant Thornton LLP, served one year as Chairman of the AICPA’s XBRL Assurance Task Force. Sean Denham, also a National Professional Standards Group partner with Grant Thornton LLP, is the firm’s current representative on the task force. The task force is charged with providing thought leadership from the accounting profession, academia and industry to the PCAOB as they consider the development of assurance and attest standards.

Grant Thornton is dedicated to improving the quality, transparency and relevance of not only audited financial statements, but also of a wide range of business information.  We support this goal through our commitment to excellence in business reporting, which includes innovative ideas like XBRL and Enhanced Business Reporting.

Following are some recent developments related to XBRL:

• SEC issues corrections to XBRL Rule for mutual fund risk/return summary   (May 4, 2009)
• Compliance Guide addresses mutual fund XBRL reporting   (May 4, 2009)

Related documents

•   XBRL Frequently Asked Questions (326KB)
  This document is an introduction to XBRL. It is designed to provide a non-technical overview and answer some of the basic questions about this emerging area.

•   XBRL/Interactive data
  Grant Thornton strongly supports XBRL and has been a driving force behind its development and adoption on a global basis since 2000. The firm provided leadership and support to guide this endeavor.. 

•   XBRL for nonfinancial information
  This presentation, given in September 2008, explores the benefits of XBRL for investment provessionals.

•   Interactive Data and other Securities and Exchange Commission Business Reporting Initiatives
  This presentation was given at Waseda University on August 5, 2008.

•   Universal language: IFRS and XBRL (CorporateGovernor Winter 2009)
  With estimates that International Financial Reporting Standards (IFRS) could become more pervasive or even required as early as 2011, boards need to know where their organizations stand. Another "universal language," eXtensible Business Reporting Language (XBRL), is supported by the SEC and is gaining greater currency. Boards will need to ensure proper IT controls are operating when their companies transition to XBRL. This issue of CorporateGovernor also includes and article on enterprise risk management.

•   SEC adopts final rule for XBRL reporting (March 2, 2009) (80 KB)
  The SEC recently issued a final rule, Interactive Data to Improve Financial Reporting, which requires registrants to provide financial statement information in interactive data format using eXtensible Business Reporting Language, or XBRL. These rules apply to domestic and foreign companies using U.S. GAAP and will eventually apply to foreign private issuers using IFRS as issued by the IASB. The submission of financial reports using XBRL will supplement, but not change or replace, disclosure using the traditional electronic submission formats.