Home
Lance Styles's Library tagged → View Popular
Deloitte: A Universal Consulting Language - Dave van den Ende and Wim Scheper - FDE
Overview of XBRL (including references to XBRL-GL) and how it is beginning to shape the busineess information landscape beyond simple financial reporting.
-
'After the Netherlands Water Board moved to XBRL there was a 25% increase in the
efficiency of its reporting process, and we see similar figures in other
industries. In Australia, a pilot project for one company has seen efficiency
gains of up to 70%,' notes Deloitte Consulting partner Wim Scheper, a professor
at Utrecht University. -
XBRL GL essentially enables continuous disclosure reporting directly linked
to transaction systems. Once again, this opens up the opportunity to reduce
reporting costs and simultaneously improve governance, especially for mature
companies operating in a networked environment. - 3 more annotations...
A Mashup Example Using XBRL
Interesting glimpse into how XBRL fuels internal mashups at PWC. Usage has spread virally from 10 users to 65k users in just over a year.
Transparency Is More Powerful Than Regulation - WSJ.com
Opinion piece in the Wall Street Journal endorsing the use of XBRL to increase the transparency of debt instruments.
-
with the innovation of XBRL, tracking debt instruments is no longer a
technological challenge. Instead, it's a political challenge. -
It would be fitting now to use another new technology, in the form of XBRL, to
make the credit markets simpler, more transparent and better insulated against
bubbles.
Government IT Expo: eGov and Open Standards
Article highlighting how XBRL is critical to the Obama administration's commitment to bring transparancy to federal government spending.
-
there is currently little or no uniformity across government agencies for
reporting granular federal financial data. With billions of dollars being
funneled in grants, loans, and loan guarantees, there needs to be a standard
‘open' format and shared re-usable taxonomy for both applications and reporting. -
One can only hope that one of Kundra's first recommendations includes leveraging
what has become the de facto global financial reporting open standard - XBRL -
to tag and track the billions of Recovery Act dollars. - 2 more annotations...
XBRL: Not Just for External Reporting
A whitepaper published by Price Waterhouse Coopers explaining the benefits of using XBRL internally
-
Four common and significant problem areas can benefit
from XBRL: systems integration; data access, assembly and review; data quality;
and spreadsheets. -
Probably the largest and most pervasive of all problems
facing the financial executive is the constant need to integrate an increasing
number of different internal systems. A common solution to this problem is to
select an enterprise resource planning (ERP) software application and migrate
the data contained in different applications into the selected ERP warehouse.
This software approach typically involves significant cost and time investments
and substantial project implementation risk. - 5 more annotations...
SOAs Enable Collaboration Within the Department of Defense
In this interview a senior DoD executive gives a really good high-level overview of the value SOA will bring to DoD. It also talks about CavNet, an application designed based on SOA principles that is helping warfighters in Iraq in unforeseen ways.
-
It is impossible to write a requirements definition that defines our future
system requirements. -
To confront uncertainty with agility we are leveraging the power of information.
- 3 more annotations...
Data Strategy at the Department of Defense
-
Our weakness is that we build systems that are too tightly coupled to the data.
To get that data into different systems, we have to pay integrators to move it
out of one system and into another. -
We're more concerned about interoperability between applications without a
reliance on hard-coded, tightly coupled point-to-point interfaces between
systems. - 2 more annotations...
Will Obama’s Technology Push Extend to Financial Regulators? - IT World
A listing of some of the possible ways in which XBRL can help overcome IT challenges in government.
-
Obama’s selection of Mary Schapiro to spearhead the SEC makes sense. As head of
the Financial Industry Regulatory Authority (FINRA), her insider’s knowledge of
the SEC along with her understanding of the need for cross-agency,
cross-jurisdictional and cross-borders cooperation is encouraging. In speeches
post 9/11, Schapiro talked a good game about applying large doses of
technological creativity to resolve the issues that were then plaguing the
financial markets and the regulatory institutions. If she brings those ideas and
enthusiasm to the SEC and other bastions of federal regulation to break down the
information silos across government agencies, markets, and borders, we should be
in good shape with XBRL advancement. -
Obama’s team should also take a close look at the Dutch and Australian efforts
to breakdown the governmental information silos with their move to a Standard
Business Reporting (SBR) approach. This SBR approach relies heavily on XBRL
technology, or “interactive data,” as Chairman Cox likes to call it. - 1 more annotations...
Making XBRL Reporting Easy | Business Finance
-
everyone should start thinking about how they can use it to acquire competitive
intelligence more easily, keep tabs on customers, and do internal benchmarking -
we expect that within the next 2 years the major software reporting tools
companies, including Business Objects/SAP, Cognos/IBM, and Hyperion/Oracle, will
facilitate the XBRL tagging of data that are stored in enterprise systems - 1 more annotations...
AGA Research Study Sees Bright Future for XBRL Use in State/Local Governments - MarketWatch
A press release highlighting the results of the first major feasibility study of XBRL use in state and local governments.
-
There are good reasons for looking at XBRL to improve the handling,
exchange and reporting of public sector financial information. -
an XBRL project involving municipal reporting in the Netherlands reported
greater efficiency resulting in 75-percent time savings for the creation of
financial reports for the balances of accounts and budgets for test
municipalities.
XBRL community descends on capital
A summary of events at the 18th XBRL International Conference
-
The major accounting firms and software developers outlined how XBRL is a tool
not only for reporting, but for managing any internal process, risk or
compliance function. In one of the most talked-about sessions, Kazuhiko Hanaoka,
corporate vice president at Fujitsu, which sells XBRL solutions, explained how
his company deployed XBRL to standardize systems throughout his $53 bn
conglomerate of 430 subsidiaries and 167,000 employees. -
Yale governance professor and Weil Gotshal & Manges partner Ira Millstein
said his vision was for using XBRL to extract information now locked in static
internal corporate reports to help executives and boards better manage.
Tagging, tracking of asset-backed securities 'urgent': SEC - Financial Week
The SEC plans to extend XBRL to allow for easy tracking and monitoring of asset-backed securities. It is hoped that this new transparency will make visible the types of hidden credit risks that led to the current financial crisis.
-
Add Sticky NoteSpeaking today at the XBRL US conference in Washington, Dave Blaszkowsky, head
of the SEC’s office of interactive disclosure, said that “a small number” of
tags could be created to track mortgage-backed and other asset-backed
securities, which have been at the heart of the credit crisis.- This is a great example of XBRL's inherent flexibility. As conditions change and reporting requirements change, XBRL can be easily modified to address unanticipated requirements. - on 2008-10-16
Using XBRL for SEC filings only the start for data-tag tech - Financial Week
Article highlights some of the potential uses of XBRL.
-
As the Securities and Exchange Commission ramps up efforts
to finalize rules requiring XBRL-tagged financial statements, some proponents
are already looking ahead to what else the technology can be used for. -
Some experts say the sky’s the limit.
- 2 more annotations...
XBRL: Digital dodo or revolutionary financial reporting tool
-
As information is only keyed in once, organisations can be assured they have one
version of the truth when preparing financial statements or extracting
information. Such standardisation when combined with the web-enabled technology,
neatly removes the need for manual extraction from multiple sources – in theory.
Xabra Tools' FHA Case Study
An overview of how the U.S. Federal Housing Administration is using XBRL to integrate a variety of financial systems. The article also includes a link to a more detailed whitepaper.
-
- With the launch of this program, FHA will achieve:
- Daily cash activity information directly loaded to FHASL bypassing the data
warehouse. - Daily funds control activity directly loaded to FHASL and to HUD's
procurement feeder system. - Monthly, quarterly, and annual reporting at the detail and summary levels
for budget execution and business analysis - Automated reconciliation between the contract management system and the
PeopleSoft general ledger. - Elimination of manual steps, data re-entry, and reconciliation problems.
- Simplified reporting through repurposed data
- Daily cash activity information directly loaded to FHASL bypassing the data
Corporate Reporting and Compliance on the Web
Article highlights how XBRL will be critical to the evolution of business reporting, both internally and externally.
-
Initially, the use of XBRL will be limited to financial statements, ioKs, etc.
However, this is only the tip of the iceberg for XBRL and its capabilities. As
software companies add the tagging functionality for XBRL to their applications,
the data will be available at various stages in the reporting chain. More and
more uses of this data will be found because the whole idea of XBRL is to make
the data more readily available for import into users' analytical systems. It
will be found to be the cheapest and easiest way to obtain and analyze data,
which will mean that it will be used more and that the reuse of the data by
various types of users will make it a lot more cost effective for the providers
of the information than current systems, which in fact are often cumbersome. -
Initially, the use of XBRL will be limited to financial statements, ioKs, etc.
However, this is only the tip of the iceberg for XBRL and its capabilities. As
software companies add the tagging functionality for XBRL to their applications,
the data will be available at various stages in the reporting chain.
Business Intelligence: New trend, retreaded buzzword, or oxymoron?
Describes the relationship between business intelligence and XBRL.
-
Much like Web 2.0 which is powered by XML, BI 2.0 as its own method for
exchanging data called XBRL. XBRL stands for Extensible Business Reporting
Language and does for BI systems the same thing that XML does for Web programs -
defines a standard framework for presenting data and then allows a program to
just pull the information from that framework.
Mandatory Use of XBRL May Bring Benefits to BI Reporting
This article covers some of the benefits of XBRL-GL.
-
The upshot, says Gartner, is that U.S. firms of all sizes need to start planning
now for XBRL. The good news is that most BI reporting tools already support
XBRL, to some degree. Players such as IBM Corp., Information Builders Inc.
(IBI), Oracle Corp., Microsoft Corp., and SAP, among others, all support XBRL. -
Visionary organizations will deliver significantly improved financial reporting
by being early adopters of XBRL - 3 more annotations...
How Continuous Auditing and XBRL-GL Work Together to Provide Improved Business Value
-
The concept of continuous auditing is not new. In recent years, however, it
has become increasingly obvious that continuous audit is now not only
technically viable, but is the auditor’s preferred response to the challenges
posed by continuously changing business conditions, massive data volumes,
and the demands to audit better, smarter, and faster.That said, continuous audit requires the auditor — and the computerized tools
they are using — to have ongoing and ready access to enterprise data. This
is where XBRL-GL enters the picture. XBRL-GL enables auditors to pull
information from disparate systems and map this information to standardized,
tagged format, both in terms of the data content, and most important, placing
and maintaining the data in the correct business context throughout the audit
and reporting process. -
XBRL opens up the possibility for auditors to achieve near-real-time data access
and immediate, relevant, audited business information. It’s a simplified audit
process that equips auditors to review more data in detail more frequently,
thereby allowing them to spend time evaluating data, not working through
information supply chain problems. - 1 more annotations...
How You Measure Performance Impacts Results
- This is an excellent overview of how the use of standardized data structures like XBRL facilitates meaningful business performance measurement. - lances on 2008-05-21
-
This double-entry compliance approach to information is based on information
summaries (revenues, costs, assets, liabilities) that typically do not
facilitate the aggregation of transaction-based unit data that may be more
useful for performance measurement purposes. -
At the core of this information problem is the double-entry accounting
orientation wherein transaction level details are discarded as the information
is summarized and moved upstream from one software system to another. - 3 more annotations...
Selected Tags
Related Tags
Sponsored Links
Top Contributors
Groups interested in XBRL
Diigo is about better ways to research, share and collaborate on information. Learn more »
Join Diigo