Dec 11, 2013

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

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?

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.

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.  

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