Do I have to meet XBRL requirements for my company website?

SilverHawk

I had never heard of XBRL until recently. I didn’t even know what XBRL was until this week. Turns out it is eXtensable Business Reporting Language, and is used on websites to comply with financial reporting laws. At a local business luncheon, someone was talking about getting a take-down letter for their company website, because it did not meet XBRL requirements. I have a small business and don’t have the budget to have my website designed by attorneys. Does every company website have to use XBRL to be legal?

Topic: Business
Answer this Question

Answers

2 total
jimlynch
Vote Up (9)

Your best bet is to talk to a lawyer in your field. Don't leave yourself in potential legal jeopardy, find a lawyer that can give you the right answers before you have any legal issues.

rcook12
Vote Up (7)

This is really a legal/accounting question, so I will add a standard disclaimer that you should consult an attorney to be safe. XBRL is used to make financial reporting and SEC compliance more transparent. If you are not a publically traded company, it is my understanding that this would not apply to you. If you are, I believe it is the required format for annual and quarterly reports, and presumably that applies to any posted on the company website as well as those submitted for regulatory purposes. This is not my field of expertise though, so you should really check with an attorney/accountant.  

Ask a question

Join Now or Sign In to ask a question.
Will we see anything sillier than a Kickstarter campaign to make potato salad? Wait, don’t answer that
The spy accusations between the US and China are screwing up the deal.
If you gave up cable TV in favor of Aereo, get ready to make it up to your cable guy
It seems like the selection of content accessible via our streaming devices improves every week.
New research into the reasons for software compilation errors at Google helps to reveal ways to improve developer productivity
Amazon’s new smartphone can track your head movements; what could go wrong?
Thanks to Chinese regulators, Microsoft's acquisition of Nokia may have cost more than just the $7.2 billion sticker price.
When two big companies go at it publicly, we all win
Your social media activity can reveal more about you than you think
Want to see how that coffee machine looks on your counter before you buy it? A crop of startups see a business in helping you visualize.
Join us:
Facebook

Twitter

Pinterest

Tumblr

LinkedIn

Google+

randomness