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In a recent informal poll we conducted, nine out of 10 finance executives had no idea what eXtensible Business Reporting Language (better known by its acronym XBRL) is – and, more to the point, what it can do for them. That will change. The U.S. Securities and Exchange Commission (SEC) will be putting some serious money into eliminating key barriers to adoption, in particular by completing development of the basic structure for tagging financial data, overhauling its Electronic Data Gathering, Analysis and Retrieval (EDGAR) database and funding development of free tools so investors can work interactively with information from public companies. In addition, over the past year, the three major financial publishers (Bowne & Co., Merrill Corp. and RR Donnelley) have taken the first steps to allow companies that want to participate in the SEC’s voluntary program to tag data easily in their financial statements. We believe that XBRL will become a fixture in finance organizations because it eliminates some of the key defects of spreadsheets that soak up time and increase costs. We expect the technology will be used to speed the exchange of all sorts of financial information within and between companies. The pace of adoption, however, will depend on how quickly XBRL use expands past external reporting by public companies.
Announcing New Research and Education:
Integrated Business Planning Meets Cloud Computing
Establishing Better Control of Spending
Ventana Research Introduces Best Practices Education in Financial Performance Management
Improve BI and Performance Management on Oracle & SAP
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Governance, Risk and Compliance (GRC) Leadership Award
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Financial Performance Leadership Award
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Our education, workshops, assessments and advisory services help organizations align people, process and technologies essential for Performance Management success. Learn more!
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