Many US firms are taking action to get ready early for the introduction of XBRL tags for financial statements later this year, according to a recent survey by the American Institute of Certified Public Accountants (AICPA) and standards body XBRL US. A total of 73% of the 215 respondents had already begun their testing for the XBRL format in November last year, when the survey was carried out. Moreover, the majority of respondents, at 93%, had at least a basic knowledge of XBRL.

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