About XBRL

As an Investment Company you will be required to embrace and make arrangements to include XBRL in your SEC EDGAR Filing process, for the first time in history, your information sources will be standardized and filed using this new tagging and filing process.

• What is XBRL

  XBRL, eXtensible Business Reporting Language, is a royalty-free, international information format designed specifically for business information, also referred to as 'interactive data' by the SEC. The idea behind XBRL is simple: instead of treating business information as a block of text - as in a printed paper document or a standard Internet page - it provides a unique, electronically readable tag for each individual disclosure item within business reports. For example, 'Gross Margin' has its own unique tag. The tags for common disclosure items are contained in taxonomies (dictionaries that define common disclosure items and relate them to other financial concepts) that are being developed by market constituents and are available on the XBRL website. The use of XBRL will provide major benefits in the preparation, analysis, and communication of business information through cost savings, greater efficiency, and improved reliability to all those involved in supplying or using financial data.

• What are the Potential Uses of XBRL?

  XBRL can be applied to a very wide range of business and financial data. Among other things, it can handle:
  ·Company internal and external financial and business reporting;
  ·Business reporting and exchange of information within all types of regulators, including tax and financial authorities, central banks, and governments;
  ·Filing of loan reports and applications;
  ·Credit risk assessments;
  ·Authoritative accounting literature, providing a standard way of describing accounting documents provided by authoritative bodies.
  

• What are the Benefits of Using XBRL?

  ·By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply, and efficiently if the sources of information have been upgraded to using XBRL.
  ·For those who serve in financial management, auditing, and information technology roles, XBRL will streamline the preparation of business and financial reports for internal and external decision making. XBRL will significantly improve the ability of CPAs in financial management to more precisely direct and publish financial information to investors, regulators, analysts, lenders, and other key stakeholders.
  ·XBRL is not just for reporting to the SEC. The possible future uses for XBRL include reporting to lenders, IRS and other regulating bodies.
  ·XBRL facilitates convergence of accounting standards by the ability to align financial concepts among public taxonomies.
  ·XBRL facilitates principle-based accounting because it reduces the need to worry about where the item is reported, but only that it is.
  ·XBRL drives transparency and improves the efficiency of capital markets by helping analysts and other users of financial and business information find relevant facts.
  ·XBRL improves the efficiency of the capital markets by reducing the cost associated with covering a company and making the market more accessible to small and mid-cap companies.
  ·XBRL better enables the CPA profession to proactively fulfill its primary mission to protect the public interest by improving investor access to the capital markets and increasing analyst coverage of both small and large companies through a reduction in the cost associated with covering a company.
  

• Leveraging Compliance

  For Investment Management and Public Corporations, the XBRL filing requirements may appear as another burden in the compliance process. But many companies see compliance as only the first step towards the financial transformation of an organization. XBRL frees accountants from the constraints of proprietary data formats. Imagine a world where all the systems from inside or outside your company produce information in the same format-and that you can access that information using concepts you understand. Imagine being able to use a system that allows you to utilize drag and drop scenarios and identify financial data using terms and descriptions understood from a global perspective.

The FGS Solution

FGS offers the technology, expertise and years of experience working with the S.E.C on behalf of Corporate and Investment Management clients. FGS has taken the time to streamline and blend its XBRL capabilities into a complete document creation to Edgar Filing solution for our clients. Look to FGS and consider a start to finish solution that will position your organization ahead of the rest.

S.E.C. Rules

SEC Rules for Reporting Financial Statements in XBRL Format On January 30, 2009, the SEC adopted rules that would require companies to provide to the Commission financial statements in XBRL format, as well as posting to corporate websites (if companies maintain websites). Click here to view the rule.

How XBRL Works

XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document, which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering). View the US GAAP Taxonomies.