XBRL stands for eXtensible Business Reporting Language. First passed in 2009, XBRL is a global electronic information format designed to transmit and store business information in a machine readable format. XBRL is also referred to as “interactive data” by the U.S. Securities and Exchange Commission (“SEC”). Companies that use XBRL assign unique, electronically readable tags to all individual disclosure items within business reports. These tags are part of taxonomies developed by market constituents and are publicly available and license free. Taxonomies consist of financial concept definitions in which each business concept is defined and assigned a relationship to other concepts.

The idea behind XBRL is simple. Historically business reports treated financial information as blocks of text like a printed document or a web page. Blocks of text cannot be read by computers. But with XBRL, identifying tags provide each individual item of data with electronic content markers.

The SEC now mandates XBRL for all publicly traded companies. XBRL is required to be applied to companies:
• 10K (annual financial statements)
• 10Q (Quarterly financial statements)
• Registration statements
• 8K (filing of important investor information)
• 20F certain foreign private issuers to provide information
• 40F Registrations and Annual Report for Canadian Securities.

This course reviews the basic concepts of XBRL, what it is, why it is required by the SEC and important facts regarding terminology and implementation. The course also introduces the requirements of Inline XBRL and the phase in dates for compliance.

Learning Objectives
  • Explore the purpose behind XBRL.
  • Identify compliance requirements for XBRL.
  • Identify features and benefits of XBRL.
  • Explore the definition of XBRL terms.
  • Explore how XBRL works.
  • Identify who uses XBRL.
  • Explore steps and rules to create XBRL.
Last updated/reviewed: August 11, 2023

Included In Certifications

This course is included in the following Certification Programs:

18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Financial Statement Audit in Accordance with GAAS - General Standards
  13. Financial Statement Audit in Accordance with GAAS - Conducting the Audit
  14. Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
  15. Introduction to Accounting for Income Taxes Based on Income
  16. Practical Application For Accounting For Income Taxes Based On Income Part 1
  17. Practical Application For Accounting For Income Taxes Based On Income Part 2
  18. FASB Codification Research System
29 Reviews (121 ratings)

Reviews

5
Member's Profile
Very interesting overview of a subject I was unfamiliar with. clarifies why some companies I've worked with sent their FS's to a consultant for filing. Not a big deal, but the frequent typos in the supporting slides is a little distracting. That said, the slide content is very helpful.

4
Anonymous Author
It gives a lot of definitions and concepts, which are undoubtedly useful when you try to put this all together. It would also have been helpful to see some more examples of how the XBRL documents look and how it works to create the code.

5
Anonymous Author
Being new to XBRL, this course provided a good basic start to the concepts and where to focus my attention to build upon that knowledge. Explained in a very easy to understand manner with excellent examples.

5
Anonymous Author
XBRL stands for eXtensible Business Reporting Language. It is a widely used open international standard for exchanging business and financial data between different software applications

5
Member's Profile
This was a good introduction to XBRL. I think some of the time used explaining reasons for and importance of XBRL could have been used to show some tagging examples.

5
Member's Profile
I really enjoyed the teaching style of the instructor. Even though XBRL is such a technical subject, she skillfully and patiently explained each term and concept.

5
Anonymous Author
This course was very informative. The instructor was effective in presenting the course materials. The time allotted for the course was appropriate.

4
Member's Profile
Would have been helpful to provide more illustrative examples to illustrate the use of the concepts and definitions and apply the tagging process.

5
Anonymous Author
Great intro to a subject I know very little about! Definetely recommended if you are considering going from a private company to a public one.

5
Member's Profile
Lots of information; very technical. If you're not familiar with the XBRL it would be quite difficult to navigate through this course.

4
Anonymous Author
This provides a good general introduction of XBRL. If provided with more examples with better visual, it would have been perfect.

5
Anonymous Author
I have used XBRL before but this course was a great refresher and the instructor did a great job of making it understandable.

5
Anonymous Author
Everything about XBRL was explained in simple words. A great tutorial for someone who does not know anything about XBRL

4
Member's Profile
This course is a good primer on a digital tool that is becoming ever more important to financial statement users.

4
Member's Profile
Good overview of the topic but many of the most useful exhibits in the slides were too blurry to read.

1
Anonymous Author
Should use financial statement excerpts and how they would be tagged. Slides were very sparse.

5
Anonymous Author
Ms Fountain always presents quality courses that are great as starter courses or as a review.

5
Anonymous Author
Great introductions to the topic for those without any experience in the subject.

4
Anonymous Author
This was a good introductory class for those of us without any XBRL experience.

4
Anonymous Author
Lots of background/terms info. Would have loved to see XBRL in action more.

4
Member's Profile
A good introduction to extensible business reporting language or xbrl

5
Member's Profile
Good presentation and introduction to XBRL for anyone who doesn't use.

5
Member's Profile
Great overview of XBRL, just the right amount of info to get started.

4
Member's Profile
A lot to digest! Terms are essential in understanding concepts.

5
Member's Profile
Great overview and detailed account of the information.

5
Anonymous Author
Good basic overview and helpful glossary.

5
Anonymous Author
A good summary of XBRL

3
Anonymous Author
A lot of information!

5
Anonymous Author
Excellent overview!

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Questions and Answers1 Question
Member's Profile

Participants - please note the title of this class. It is Basic to assist in understanding the terms and requirements. The course does not go into the process involved with tagging individual line items

Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
XBRL Basics
  XBRL Purposes10:55
  Compliance9:28
  Features and Benefits of XBRL4:56
  Defining Terms11:21
  Tagging Terms12:43
  Linkbase7:08
  How XBRL Works9:37
  Who Uses XBRL8:03
CONCLUSION
  Summary2:47
Continuous Play
  XBRL (Extensible Business Reporting Language) Introduction to Basics1:23:06
SUPPORTING MATERIALS
  Slides: XBRL Introduction to BasicsPDF
  XBRL Introduction to Basics Glossary/IndexPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam