CAQ Auditing Library


    eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world. On January 30, 2009, the SEC adopted the Interactive Data to Improve Financial Reporting final rules (the Final Rules) requiring public companies that prepare their financial statements in accordance with U.S. generally accepted accounting principles (GAAP), and foreign private issuers that prepare their financial statements using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) to provide their financial statements to the SEC and on their corporate Web sites in interactive data format using XBRL.

    The CAQ has developed this section of our Web site to include information about XBRL. We encourage our member firms to learn more about XBRL in order to understand how to obtain more rapid and reliable data on a company's financial performance; greatly reduce effort and costs in gathering and analyzing data for benchmarking purposes; focus efforts on analysis and value-added work and to simplify and automate tasks. The Final Rules effective date and phase-in schedule are provided directly below, as well as additional XBRL resources.

    Effective Date

    The Final Rules are effective April 13, 2009 with the exception of §232.406T which is only effective from April 13, 2009 until October 31, 2014.

    Phase-In Schedule

    Submission of the first interactive data file is required for the first quarterly report on Form 10-Q or annual report on Forms 20-F or 40-F containing financial statements for the respective issuers for fiscal periods ending on or after the following dates:

    Date Issuer Description
    June 15, 2009
    Domestic and Foreign Large Accelerated Filers Using U.S. GAAP with Worldwide Public Common Equity Float above $5 Billion as of the End of the Second Fiscal Quarter of Their Most Recently Completed Fiscal Year
    June 15, 2010
    All Other Domestic and Foreign Large Accelerated Filers Using U.S. GAAP
    June 15, 2011
    All Remaining Filers Using U.S. GAAP, including Smaller Reporting Companies
    June 15, 2011
    Foreign Private Issuers with Financial Statements Prepared in Accordance with IFRS as Issued By the IASB

    Learn More About XBRL




    • PCAOB FAQs, Attest Engagements Regarding XBRL Financial Information Furnished Under the XBRL Voluntary Financial Reporting Program on the EDGAR System

    Section IV. FASB


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    CAQ Auditing Library

    Toolkit On occasion the auditing, accounting and financial reporting standards and/or rules established by the SEC, PCAOB and FASB become popular topics for the public accounting profession. In an effort to provide our members with a co
    Published on March 27, 2013

    Ethics and Independence

    Guidance Public company audit firms are required to comply with SEC and PCAOB ethics and independence rules and standards. Access public company auditor ethics & independence rules, standards and guidance here.
    Published on August 12, 2011

    Stock Compensation

    Guidance Access authoritative and interpretive guidance as well as other resources issued by the FASB, PCAOB, SEC and CAQ related to auditing public company stock compensation.
    Published on February 09, 2011

    Employee Benefit Plan Audits & Form 11-K

    Guidance Access FASB, SEC, PCAOB and other resources relevant to audits of Employee Benefit Plans and Form 11-K.
    Published on February 09, 2011

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