In an age when everyone wants more transparency, XBRL is at the center of this major shift in financial reporting.

With the SEC mandate that began last June and continues to add more filers and more detailed filing, it is critical to stay up to date on the latest developments.

I recently had an opportunity to spend some time with Eric E. Cohen, one of the founders of XBRL. Listen to this brief update that covers the latest developments in XBRL, including the results of the first round of filings for the SEC mandatory filing program and the pending Phase II filing deadline coming up on June 15, 2010.

Roughly 500 more public companies will be required to do their initial filings in 2010 and the first group will be required to file close to 3,000 items for Phase II. In addition, there are some common patterns of mistakes that were found in the first round.