CAQ Auditing Library

XBRL 

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

XBRL

SEC

PCAOB 

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

Section IV. FASB

AICPA

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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
Published on June 10, 2015

CAQ Lessons Learned - Performing an Audit of Internal Control in an Integrated Audit

Practice Aid This "Lessons Learned" publication has been prepared by representatives of member firms of the CAQ and is intended to be used as a reference source for auditors of public companies. The information may help auditors improve the effectiveness and efficiency of their audits and is based on existing professional literature,
Published on July 23, 2014

Voluntary Model U.S.Transparency Report

Practice Aid The CAQ Practice Aid entitled Voluntary Model U.S. Transparency Report for Audit Firms was published to foster greater confidence in the audit process and audit quality by assisting investors of U.S. companies and other capital market stakeholders in understanding how U.S. audit firms are organized, operated, and monitored as it relates to audit
Published on July 23, 2014

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

Accounting for Underwriting and Loan Commitments

White Paper This white paper discusses GAAP associated with commitments to lend money or underwrite securities in the context of illiquid market conditions. The paper articulates certain existing accounting practices and requirements of GAAP literature related to the specific issues discussed, with the intention of helping preparers and auditors understand the application
Published on April 06, 2010

Application of Statement 114 to Modifications of Residential Mortgage Loans that Qualify as Troubled Debt Restructurings

White Paper The objective of this white paper is to assist preparers and auditors by discussing questions related to the application of existing GAAP associated with the application of   SFAS 114, Accounting by Creditors for Impairment of a Loan—an Amendment of FASB Statements No. 5 and 15.
Published on April 06, 2010

Consolidation of Commercial Paper Conduits

White Paper This white paper discusses the application of FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities, by sponsors of commercial paper conduits, particularly as impacted by market conditions that currently exist in many segments of the credit markets, including illiquid (or less liquid) conditions in the commercial paper markets.
Published on April 06, 2010

Measurements of FV in Illiquid Markets

White Paper This white paper discusses issues associated with the measurement of fair value under existing GAAP in the context of illiquid (or less liquid) market conditions that currently exist in many segments of the credit markets.
Published on April 06, 2010

CAQ SEC Regulations Committee Highlights - Form 8K for 11K

Meeting Highlights View SEC Regulations Committee meeting highlights related to Form 8-K requirements for Form 11-K filers.
Published on April 06, 2010

CAQ Practice Aid for Testing Journal Entries

Practice Aid The CAQ Journal Entry Practice Aid provides practical guidance for auditors with respect to testing, in accordance with AU Section 316, journal entries and other adjustments made by company management.
Published on April 06, 2010

Voluntary Model U.S. Transparency Report

Practice Aid The CAQ Voluntary Model U.S. Transparency Report for Audit Firms was issued to foster greater confidence in the audit process and audit quality and may assist investors of U.S. companies and other capital market stakeholders in understanding how U.S. audit firms are organized, operated, and monitored as it relates to audit quality.
Published on April 06, 2010

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