XBRL for Small Businesses is Coming!!

XBRL (Extensive Business Reporting Language) has been around for quite a few years but is just now hitting the forefront for small businesses. Effective for periods ending after June 15, 2011, all small business filers will be required to file, commonly referred to as tagging, the basic financial statements (balance sheet, statement of operations, cash flows and equity statement) using XBRL. After the first year, small business filers will be required to tag the details of disclosures within the footnotes which can be a bigger challenge than the basic financial statements. For more information regarding XBRL view this video titled XBRL Explained

The deadline for XBRL is approaching fast and thus small business filers should be preparing now. Feel free to give dbbmckennon a call or email to discuss your current situation.