How can XBRL revolutionize financial reporting?

Question

All input or links are appreciated. Thanks.

Answer 1

personally i think it's extra work and troublesome for REPORTING purposes. But for ANALYSIS purposes it's probably more conveinent (and will result in lay-offs of those data entry workers who input f/s data into analysis software) cos now the auditors have to ensure that the f/s are in xbrl format.

Answer 2

Yes, it is going to revolutionize financial reporting. However, like any new thing, learning and implementing it in an organization would take some time. Once the implementation phase passes, the organization can only bask in the benefits offered, and would thus think that the transition to XBRL was worth the effort.

Answer 3

It's a pain for the filer, and an exercise in pushing the completion of the templates to someone else. The co. accountant is not going to do it, the auditors don't think it's their responsibility and the corporate secretaries may not understand how to complete the templates. It's only useful to the regulators cos the items of interest are tagged, so for e.g. if the regulator wants to pull out all companies with revenue more than, say, $10m, they can do it easily.

Answer 4

I think you have to get more knowledge of XBRL codes.
So, as per my opinion you need to contact some good experienced xbrl developers.