{"id":44,"date":"2006-08-17T08:47:12","date_gmt":"2006-08-17T16:47:12","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=44"},"modified":"2006-08-17T08:47:12","modified_gmt":"2006-08-17T16:47:12","slug":"xbrl-financial-content-management-language","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/xbrl-financial-content-management-language\/","title":{"rendered":"XBRL: Financial Content Management Language"},"content":{"rendered":"

Over the last week Jon Udell<\/a> of InfoWorld<\/a> has had a podcast<\/a> and a number of blog<\/a> entries about XBRL<\/a> (eXtensible Business Reporting Language<\/a>).\u00a0<\/p>\n

Since 2000<\/a>, many have expected to see a revolution in the accounting and financial industry because of XBRL.\u00a0 It just didn’t happen though\u00a0because industry acceptance was lacking.\u00a0 But that seems to be changing.\u00a0 In October 2005, the US Federal Deposit Insurance Corporation (FDIC<\/a>) and the Federal Reserve Board<\/a> launched an XBRL project that mandates banks to submit quarterly reports in XBRL format.\u00a0 8300 banks are now participating.\u00a0 The SEC<\/a> is also moving towards standardizing XBRL as the language for exchange and reporting of financial information.\u00a0 EDGAR Online<\/a> is providing company financial statements in XBRL format.\u00a0 And XBRL is gaining ground in Europe too<\/a>.<\/p>\n

XBRL as\u00a0a standard exchange format will revolutionize the way financial data\u00a0can be\u00a0communicated, often shaving days or even months off of existing processes.\u00a0\u00a0\u00a0Company financial records can be consolidated.\u00a0 Manual re-entry or data transformations will be eliminated.\u00a0 XBRL\u00a0will further commoditize\/standarize datasets operated on by\u00a0accounting software and ERP packages.<\/p>\n

Further, XBRL will form the foundation for\u00a0software tools and applications\u00a0that will help corporations provide the greater transparency that compliance regulations like Sarbanes-Oxley have been demanding.\u00a0 Financial comparative analyses of companies can be run at the push of a button. This will be a huge plus for securities analysts and investors.<\/p>\n

Technologies like XBRL and ECM (Enterprise Content Management) document and records management are key towards giving companies and their auditors greater control in finding corporate information.<\/p>\n

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Over the last week Jon Udell of InfoWorld has had a podcast and a number of blog entries about XBRL (eXtensible Business Reporting Language).\u00a0 Since 2000, many have expected to see a revolution in the accounting and financial industry because…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,10,30,34],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-compliance","category-content-management","category-sarbanes-oxley","category-storage"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":0,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/44\/revisions"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=44"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=44"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}