Spotlight on...

XBRL

Based on recent comments by SEC chairman Christopher Cox, we believe that eXtensible Business Reporting Language (XBRL) will have a profound impact on the way financial information is compiled, distributed and used in the near future. Given Merrill Corporation's role in the assembly and distribution of companies' financial information, we are making it our business to explain XBRL and help our clients determine the best time and method to participate in the SEC's XBRL programs.

This spotlight features the best commentary and updates on the rapidly changing environment of XBRL. Please check back often and let us know how we can make this more useful for you.

Finding out about XBRL


The Merrill XBRL fact sheet (PDF)
This document explains what XBRL is, why the SEC is championing it, and what companies need to consider if choosing to join the voluntary filing program (VFP).

The SEC's perspective
This link will take you to the SEC's spotlight on XBRL. You'll find rules for the voluntary program, procedures to join the SEC's test group and a directory of actual XBRL exhibits from early adopters.

Chairman Cox speech
SEC Chairman Christopher Cox discusses the SEC’s plan for XBRL and the power of “Interactive Data.”

XBRL-US
XBRL-US is the domestic arm of an international XBRL organization devoted to developing and promoting XBRL. Merrill is one of 75 US members. This site contains useful information on tools, taxonomies and resources.

Commentary on XBRL activities


Opening Statement — Open Meeting on the Use of Technology to Improve Financial Reporting, - by Chairman Christopher Cox, Washington, D.C., May 14, 2008

Transcript of Remarks at the 17th XBRL International Conference, by Chairman Christopher Cox, Eindhoven, Netherlands, May 7, 2008

The SEC Test Group


The SEC initiated a test group for XBRL. Companies that participate are given incentives for submitting XBRL exhibits to four filings. Below is a sample of companies in the voluntary filing program:

  • 3M Company
  • Altria Group, Inc.
  • Automatic Data Processing, Inc.
  • Banco Itaś Holding Financeira S.A.
  • Brazilian Petroleum Corporation (a/k/a Petrobras SA)
  • Bristol-Myers Squibb Company
  • Crystal International Travel Group, Inc.
  • The Dow Chemical Company
  • Ford Motor Company
  • Ford Motor Credit Company
  • General Electric Company
  • Gol Intelligent Airlines, Inc.
  • Infosys Technologies Limited
  • Microsoft Corporation
  • Net Servicos De Comunicacao SA
  • Old Mutual Capital, Inc.
  • PepsiCo, Inc.
  • Pfizer, Inc.
  • Radyne Corporation
  • South Financial Group, Inc.
  • United Technologies Corporation
  • Xerox Corporation
  • XM Satellite Radio Holdings, Inc.

For a full list of participating companies, please link to the SEC: http://www.sec.gov/spotlight/xbrl/interactivedata.htm#idata_who