Derek Abdinor

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Mandatory XBRL filing for tax in the UK? Absurd!

From the Institute of Charted Accountants (Scotland): ICAS objects to the additional burdens, costs and risks of this during the current recession – when many businesses are struggling to survive and should be concentrating their management expertise on the much more pressing and important task of maintaining productivity and employment. Donald Drysdale, Assistant Director at ICAS and a Chartered IT […]

200+ indian companies have irregular financials | Myiris

Via Twitter. Link to full article Essentially, IRIS did a survey on the financials of 1500 Indian public companies. Discrepancies appeared in over 200 of them; figure differences as opposed to accounting interpretations. One of the outcomes of the survey was to highlight the effect that XBRL will have in bringing such problems to light, and ultimately, to bring them […]

New! Free! XBRL tool for accountants

Ok, the heading is misleading and would constitute baiting if I cared enough. Found via Dianne Mueller and sure to become an internet meme. Explaining an accounting process need not be dry when you see these cartoons (click on the image). Sure to give the Plain English versions a run for their money. From JICPA, the Japanese Institute of Certified Public Accountants. […]

The SEC XBRL ruling and IFRS

Last week the SEC formally published the XBRL mandate. While they released it in mid-December 2008, this was total ratification. Sound weird? Think of it just as  Barack Obama re-taking the oath of office after some minor fluffs Of more interest to me is the ruling for non-US companies listed on the US markets. They file to the SEC in […]

Like ships parsing in the night

The maritime Automatic Identification System (AIS) means that every seagoing vessel over 300 tons is required to transmit certain data every few seconds, including: Navigation status, e.g. ‘at anchor’ or ‘underway’ Ground speed, from 0 to 102 knots in steps of 0.1 knots Rate of turn, 0 to 720 degrees per minute Position (GPS latitude and longitude) Heading and Course […]

SEC announces XBRL mandate: all systems go!

It’s here: the mandate for XBRL to become an official filing process, alongside EDGAR, for listed companies in the US.  The SEC announced this in a long-awaited roundtable today, 17 December 2008.  The IDEA system was launched today too. This has followed on the completion of the US GAAP taxonomies.    Immediate impact:  Companies that are listed in the US […]

10 questions when reviewing XBRL software

This post first appeared in XBRL Blog  XBRL deployment is a long river, and you need to keep that in mind regardless if you’re focussed on the (downstream) regulatory filing and analysing components or the (upstream) ERP integration and general ledger design. I’ve put together a list that takes into account technical, accounting, filing and investor relations. The point is […]

A Continuum of Online Investor Information

Ofttimes, people come up to me and say “please stop taking pictures” or “get off my lawn”. Othertimes, I talk to them about communicating to their stakeholders in an online fashion. There are many tools to accomplish this. The variety becomes a problem because clients may see it as a shopping list. The real issue is the usability. If you […]

Explaining XBRL : the wisdom of flocks

I find the standard way of explaining XBRL using the barcode analogy doesn’t quite work for me. A barcode is a complex display with arguably more information encoded on that “tag” than exists for the object label itself. I think of financial statements locked in a PDF or book as a flock of birds an ornithologist is studying. They all […]

SEC embraces social media

The US SEC (our JSE equivalent) announced on Tuesday late August that the format for financial statements to the regulator, Edgar, will be superseded by a format that has more in common with the social media tools today’s users have come to enjoy. You had to see the webcast (and followed the liveblog): The president-appointed chairman who oversees America’s $26-trillion […]

Teching Teachnology for sustainability

I reckon that technology-ignorant clients are a double-edged sword. The Law states that whatever sophisticated concept you manage to run by them with no resistance, thou shalt be smitten with much rebuking about low-end things, eg: this content management tool doesn’t accept my MS Word tabs and indents! Shriek! I just want to print one piece of paper off this […]

XBRL in 2008

Good piece by Confluence about how they see financial data going in 2008. Some key take-aways from this slightly-edited release: According to Kirk Botula, Executive Vice President and Chief Operating Officer, “There are many forces driving the automation of fund administration functions. These include the global expansion of fund companies, increased frequency of reporting across many different regulatory and accounting […]

XBRL links

I’ve been asked for links to XBRL information, here you go. Suggest you read exponentially, ask me questions later;enjoy! SEC Readies XBRLTagging Rules for Financial Filings | XBRL: Is the Time Finally at Hand? | WebCPA XBRL Case Studies | Tag, you’re it: XBRL bridges the GAAP | CPA success To start using XBRL, the following steps are […]