Thursday, December 18, 2008

SEC mandates XBRL for financial statements | IR Web Report

In this excellent post to his blog, Dominic Jones discusses the new SEC rule and its implications. SEC mandates XBRL for financial statements IR Web Report

3 Comments:

At 2:14 pm, Anonymous Trevor said...

Jerry, do you see any challenges to a subsequent mandate in Canada, other than priority of IFRS?

 
At 8:33 am, Anonymous Jerry said...

Trevor,
Yes, I do. The big issue will be using the IFRS taxonomy in a Canadian context. Unique needs of Canadian companies will arise and will necessitate extensions. If we just let that happen, the extensions could get numerous and take different directions, rendering the results non comparable. We will need to develop standard Canadian extensions to counter this trend.

 
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