Two-thirds of public companies have no plans to use XBRL – despite SEC mandate requiring XBRL use as early as June 2009
CHICAGO, April 24, 2009 - In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 64 percent of public companies have no plans to use eXtensible Business Reporting Language (XBRL) - despite an SEC mandate requiring XBRL use as early as June 2009 and no later than 2011. While nearly two-thirds (65%) of public companies are familiar with XBRL, only 12 percent actually use it to report their companies' financial results.
"Unfortunately, for those public companies that reported that they have no plans to use XBRL, this is no longer an option," said Sean Denham, a partner in Grant Thornton's Professional Standards Group and a member of the AICPA's XBRL Task Force. "The SEC recently mandated that public companies have to report their financials using Interactive Data by 2011. The final rule calls for a three-year, phased-in implementation schedule that begins as early as June 15, 2009 for some public companies."
| Are you familiar with eXtensible Business Reporting Language (XBRL), referred to by the SEC as "Interactive Data"? | |
| Public | |
| Yes | 65% |
| No | 35% |
| Does your company currently report financial results using XBRL? | |
| Public | |
| Yes | 12% |
| No | 88% |
| If yes, how challenging have you found the implementation process? | |
| Public | |
| Very challenging | 18% |
| Somewhat challenging | 45% |
| Not challenging at all | 36% |
| If no, when do you plan to report using XBRL? | |
| Public | |
| Before 2010 | 7% |
| Before 2011 | 12% |
| After 2011 | 17% |
| No plans at this time | 64% |
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About the Survey
Grant Thornton LLP conducted the national survey from March 23rd through April 4th, 2009 with 530 chief financial officers and senior comptrollers. Ninety-four were from public companies.
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.
