XBRL Shortens Timeframe for US Issuers’ Report Preparation


All reporting issuers that have not previously been required to file their financial statements using eXtensible Business Reporting Language (XBRL) must provide their financial statements to the SEC and on their corporate Web sites in interactive data format using XBRL for fiscal periods ending after June 15, 2011. For most issuers this means their June 30, 2011 10-Q, which is due August 15, 2011.

Edgar filers have warned that they will need two weeks or more with the completed document in order to properly format and convert the financial information to XBRL. That means 10-Qs will need to be complete and in final form by August 1, 2011. As a reporting issuer’s first XBRL filing requires a great deal of work, non-accelerated filers and smaller reporting companies are strongly recommended to start immediately on the creation of a customized XBRL template in order to meet the deadlines for XBRL implementation.

If you have questions about XBRL implementation, contact any member of Clark Wilson LLP’s Corporate Finance & Securities Group.