Thursday, April 26, 2012

Companies Should Go The Distance in their XBRL Reports

Mane of the companies who are filing XBRL reports with the SEC don't see the value of it, but rather simply regard the filings as a compliance exercise. They are being shortsighted and if they would stop and listen, they would begin to see the real value, both potentially to their own reporting process and to the analysts who report on their results to investors.

Mike Willis, a partner of PWC and a true global leader in XBRL has written a paper on this point of view. Here's a summary of it from the Hitachi Blog.

2 Comments:

At 7:32 pm, Anonymous Ben said...

Hi Gerald,

Totally agree - companies should see the benefits of reduced costs, time savings, and increased accuracy over the long term. It's actually quite surprising how late the financial reporting world has been on adopting this language. The move to XBRL isn't really any different than the separation of form and content that we saw with CSS and HTML years ago (See here:
http://bit.ly/9ScH2N )

Time to catch up, Canada!

 
At 7:33 pm, Anonymous Ben said...

Hi Gerald,

Totally agree - companies should see the benefits of reduced costs, time savings, and increased accuracy over the long term. It's actually quite surprising how late the financial reporting world has been on adopting this language. The move to XBRL isn't really any different than the separation of form and content that we saw with CSS and HTML years ago (See here:
http://bit.ly/9ScH2N )

Time to catch up, Canada!

 

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