XBRL – Connection to SOX 302/404 and Critical Roles

You may have heard of XBRL and wonder if there is any connection to SOX section 302 and 404.  Well, the answer is ….yes. XBRL, eXtensible Business Reporting Language, is a global electronic information format designed to transmit and store business information in a machine readable format.

The XBRL tags are part of taxonomies developed by market constituents, 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.  Companies are required to ensure their tags are accurate and consistent.  XBRL processes should be a well-integrated part of your 302 and 404 financial evaluation process.

This course outlines the various impact of XBRL on SOX sections 302 and 404 and provides valuable insight into how to prepare for those impacts and learn how to address them in detail.

Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Note: The concepts outlined in this course are up to date and relevant in regards to the Sarbanes-Oxley legislation. Although there have not been any changes in the legislative concepts of the law since it’s release in 2002, some aspects of executing the work have evolved. This speaker is preparing a series of courses titled “Sarbanes-Oxley 20 years later”. Those courses can be found individually on the platform and would be beneficial for anyone involved with compliance.

NOTE: The Instructor has created 5 new segments on Sarbanes-Oxley Update – 20 Years Later:

Sarbanes-Oxley Update – 20 Years Later: Accounting Risk Assessment Considerations
Sarbanes-Oxley Update – 20 Years Later: Sourcing Emerging Risks Part 1
Sarbanes-Oxley Update – 20 Years Later: Evaluating Testing Processes
Sarbanes-Oxley Update – 20 Years Later: Sourcing Emerging Risks Part 2
Sarbanes-Oxley Update – 20 Years Later: Examining Fraud Risks