The SEC (Securities and Exchange Commission) announced on September 2007, that its 20-year-old EDGAR database of corporate regulatory filings will be updated and will be turned into an interactive database that uses XBRL.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of “XML” languages which is becoming a standard means of communicating information between businesses and the internet.
The SEC recognized thousands accounting concepts within the U.S. GAAP.
Today, all U.S. GAAP filers that report on the EDGAR system, large and small, domestic and foreign, required to report in extended XBRL (DFN) on certain forms, in addition to the EDGAR format.
As for now, filers that use IFRS system are exempt from filing reports in XBRL format until further notice of the SEC.
Z-K has gained extensive experience during the recent years in the field of XBRL and would be happy to provide you these services.
For more details, please email Yaron Kleiner, Z-K Global CEO, directly or call on +972-3-566-1777, Extension 111