Want to have a say in the future of XBRL? Here's your chance.
XBRL International is seeking feedback on a new document that examines the future business requirements and technical roadmap for eXtensible Business Reporting Language.
Specifically, the document, titled “XBRL: Toward a Diverse Ecosystem,” examines the technical goals surrounding XBRL for the next five to 10 years. That document is meant to get users thinking about XBRL in three areas:
- Ease of use for developers
- Making it easier to compare information around the world
- Simplifying the use of XBRL data for analysis systems
The document is the first step in creating a formal strategy to expand on the existing XBRL standard. The folks at XBRL International are exploring ways to make it more accessible and more powerful.
Sounds intriguing, but what does that mean, exactly?
To find out, I called up a couple of pretty smart guys in the XBRL department — Tony Fragnito, a Maryland-based CPA and, more to the point, CEO of XBRL International; and Hugh Wallis, director of technical standards for XBRL International. They sat down with me to discuss the document and the state of XBRL today — and not just in the U.S.
Fragnito and Wallis said American companies should be studying what's already happened overseas as much as what's currently happening as part of the SEC's three-year mandate for implementing XBRL. Everyone in the U.S. — myself included — wants to know what we've learned through the early SEC adoption process, but Fragnito and Wallis says we can learn even more by studying how XBRL is being used globally.
“The SEC project, while a significant and important project because of the size of the U.S. capital market and the commitment from the SEC, has received a huge amount of attention,” Fragnito said. “But XBRL has been successfully adopted around the world and there have been some very good experiences internationally with XBRL technology. I think it's important for people to know that (XBRL International) is committed to its stakeholders and early adopters of the technology. We recognize the investment those early adopters have made. Our desire is for XBRL technology to be sustainable and stable over the long term.”
Getting feedback on the new document will be a step in that direction. As Wallis said, “XBRL is here, and it's here to stay.”
Fragnito and Wallis also offered their take on why private companies and CPA firms should care about XBRL. Listen to their views in this CPA Spotlight podcast.
Check out these related XBRL resources:
- Video: XBRL co-founder Eric E. Cohen on the state of XBRL today
- XBRL: The sooner you start, the better
- XBRL U.S.
- SEC resources
- IASB resources
- The ABCs of XBRL: Here's what it can do
- XBRL and government: A marriage made in … Nevada?
- XBRL case studies
- Demonstrations of XBRL in action
- More demos: Microsoft | Edgar Online | Rivet Software Crossfire | Google OneBox
- XBRL taxonomies
- Six Steps to XBRL (from the Journal of Accountancy)
- ROI on XBRL (from the Journal of Accountancy)
- Improved Business Process through XBRL
- Benefits and uses for business