XBRL making slow gains
I know I sound like a broken record on this, but Extensible Business Reporting Language (XBRL) is a reality. According to cfo.com, the new electronic filing language is scheduled to debut Dec. 5th, when a draft version will be released for public review. That will allow for actual testing to begin. The problem is that awareness seems to be really low. A Grant Thornton survey found that only 53 percent of CFOs knew about XBRL in November, compared with 60 percent in April. This is a good time for someone in your organization to step up and own the situation. XBRL will likely make filing a lot easier over time, though there will be some implementation hiccups. Might as well see it as an opportunity.
For more:
- here's the article
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Read more on: XBRL
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By Bob Schneider | Posted 2:52pm | December 1, 2007
I think "step up and own the situation" is excellent career advice to company accountants. There’s a strong possibility that XBRL adoption will eventually extend beyond financial reporting to encompass traditional management accounting functions and compliance requirements. Moreover, interactive data is a truly international language that will become the reporting standard for a globalized economy. Those who “seize the day” now by becoming their company’s go-to guy or gal on XBRL should reap huge rewards.
Bob Schneider
Editor, Data Interactive (Hitachi’s XBRL blog)
blog.hitachixbrl.com