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  • XBRL Gaining Ground

    • Oracle, in fact, recently announced expanded XBRL support
    • while Oracle announced expanded XBRL support (via a new XBRL Manager component)
      in its upcoming Enterprise Performance Management System release
    • 1 more annotations...

  • It's Time To Reinvent Your BI Strategy by Boris Evelson - Forrester Research

    • Most reporting initiatives fail because end users cannot agree on common
      definitions.(see endnote 7) In a recent BI maturity assessment at a global HR
      management firm, consultants revealed that common definitions weren't so
      "common" after all. For example, it was discovered that the definition of "gross
      margin" meant something different to the sales and the finance organizations —
      which became obvious only when senior executives saw the reports where numbers
      did not match.

  • XBRL – To Learn or Not to Learn

    • Clearly, XBRL has gone global as it will be used throughout the world. The clear
      significance is that this financial and operational information needs to be
      understood and used by business professionals, CPAs, financial analysts,
      students and anyone with attachment to accounting records and business
      operations.
    • it is essential that Accountants make the commitment to learning as soon as
      possible. For CPAs, it is not just learning how to spell XBRL. It is, of course,
      learning about the functions, capabilities and tools surrounding XBRL.

  • WebCPA - SEC Committee Promotes Reasonable Judgment

    • preparers who had participated in the SEC's voluntary XBRL program had indicated
      that the initial number of hours for tagging their financial statements ranged
      from 80 to 100 hours but dropped significantly for subsequent reports

  • SEC's Cox seeks common business language

    • improve the usability of financial reports, increase data quality, as well as
      speed the time to publishing
    • Costs associated with the first year of implementation range from $5,000 to
      $40,000, he said. He added that XBRL saved companies thousands of "hours."
    • 1 more annotations...

  • Applying XBRL as a strategic tool to improve federal financial management

    • In the United States, pilot programs in government and regulatory agencies are
      showing promise. Awareness of this emerging standard’s potential is increasing
      throughout the U.S. federal government as agencies recognize that XBRL offers a
      paradigm shift in the supply of financial and regulatory information that can
      benefit individual federal agencies as well as the federal government as a
      whole.
    • With XBRL, federal agencies, trading partners, regulatory bodies, and the public
      at large can share and reuse financial data to meet their specific needs without
      generating separately formatted reports for each user or purpose.
    • 4 more annotations...

  • Technology Predictions 2008 - Deloitte

    • XBRL goes XL—Momentum behind the XBRL reporting language may be greater than
      ever this year, with governments, financial authorities, companies and investors
      all favoring its adoption.

  • XBRL Enhances Performance Management Applications

    • Companies that don't embrace XBRL will sacrifice the ability to leverage
      external data and easily calculate growth trends, drivers and metrics and run a
      wide range of simulations, including M&A scenario analysis, to help their
      organizations improve business performance and optimize the financial forecast
      process
    • the application to pure financial reporting is only the beginning since XBRL
      provides the perfect technological fit to support the growing trend towards more
      Enhanced Business Reporting (EBR). EBR includes the reporting of more
      non-financial business value drivers and the increased use of narrative in
      reporting.
    • 1 more annotations...

  • XML's Supporting Role

    • IT and business executives need to fully understand how various standards for
      data exchange in their industry space will implicitly enforce and support
      governance initiatives and strategic decision-making.
    • The eXtensible Business Reporting Language, better known as XBRL, gives
      corporations a leg up on achieving regulatory and compliance objectives by
      helping streamline the perpetual communication of their most important business
      and financial data.
    • 5 more annotations...

  • XBRL or Master Data Management?

    • We advise companies that have not yet begun investigating XBRL and MDM to do so
      immediately, and all organizations should begin developing skills in using them.
    • XBRL is the clear choice whenever data must be shared outside the organization
      and the objective is to eliminate (or severely reduce) the work associated with
      bringing in and using the data in a business process.
    • 4 more annotations...

  • What would be considered data management best practices?

    • For the most part, data management’s objective is to standardize and reuse
      accurate data, focusing on the set of data that is clearly "corporate" in that
      it does not change across departments and applications.
      Add Sticky Note

  • XBRL: Its Unstoppable

    www.aicpa.org/...tie.htm - Preview

    xbrl on 2008-01-31 and saved by 2 people



    • f you thought Lotus 1-2-3 revolutionized spreadsheets, get a good grip
      on your mouse because XBRL will do even more for financial reporting and
      analysis.
    • XBRL reduces inconsistencies—such as ambiguous business terminology and myriad
      data formats—that often necessitate manual intervention and slow financial
      reporting.
    • 1 more annotations...

  • High Finance Learns a New Language

    • the initial uses of XBRL for mandated financial reporting and the accompanying
      analysis of those reports represent only the beginning of what the technology
      can do.
    • Companies don’t even have to change their existing financial applications.
      “Virtually everything that needs to be done can be done outside the ERP and GL
      systems in middleware,” says Walter Hamscher, vice chair, XBRL International.
      And it doesn’t have to be expensive.
    • 4 more annotations...

  • XML.com: XBRL: The Language of Finance and Accounting

    www.xml.com/...xbrl.html - Preview

    on 2008-01-31 and saved by 5 people

    • Financial statements can be created in XBRL in several ways. Several XBRL-aware
      accounting software products support XBRL as a native import and export format.
      These tools allow users to map charts of accounts and other structures to XBRL
      tags. XBRL can be created manually or generated from a reporting system. XBRL
      can be generated from EDGAR-formatted information using
      transforms found on several web sites, allowing users to leverage their EDGAR
      generation applications. Or, similarly, other formats can be transformed as a
      back-end process. It is likely that a combination of these will be used by
      companies wishing to exchange information in XBRL.

  • HUD Leads the Way in Using XBRL to Extract Value from Its Legacy Systems

    • the Federal Housing Agency (FHA), an agency within HUD, used XBRL GL to create
      interoperability between disparate legacy financial feeder systems and the
      department’s ledgers and control systems.
    • XBRL was used to standardize collecting, obligating, and disbursing data coming
      from the various financial feeder systems. Data were filtered or summarized
      based on the system they were feeding, and then sent to other systems.
      Performing full audits is relatively easy now because the audit trail for the
      detail is linked to the data through tags.
    • 2 more annotations...

  • XBRL: Language to transform communications

    • Japan, for example, is perhaps the leading XBRL exponent and from April this
      year, will require all publicly­-traded companies – more than 8,000 – to
      file in this form.
    • “XBRL isn’t a solution, it’s an enabling tool, and once companies have sorted
      out the external reporting bit, I think they’ll start to look at what they can
      do internally,” says Chris Rodgers, partner at KPMG. “If you’re a global
      organisation, the chances are you’re operating with a lot of disparate systems
      that don’t match up and XBRL could significantly improve management reporting.”
    • 1 more annotations...

  • SEC goes on electronic filing blitz

    • XBRL is fast becoming the universal language for the exchange of business
      information and it is the future of financial reporting

  • Forget buying software; build your next application from existing components

    • Another advantage to the SOA/composite application approach is
      that it could help agencies avoid being locked in to one vendor’s software
      package. Most orchestration packages save user-generated workflows in any of a
      number of plain text- or XML-based languages, such as BPEL, the Business Process
      Modeling Notation or the eXtensible Business Reporting Language.
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