XBRL-Enabled Software Becoming More Commonplace

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XBRL-US has released the results an AICPA-sponsored study of software vendors which shows that two-thirds of accounting software vendors have included, or will soon include, XBRL-enabled functionality in their products.

XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe financial information for public and private companies and other organizations. XBRL benefits all members of the financial information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain.

The survey was conducted by the American Institute of CPAs, and the final report includes a number of important conclusions, including:

"As the demand for enhanced business reporting through higher quality, more transparent and timely information increases, the need for technology that enables better reporting also increases," said Paul Penler, Principal, Ernst & Young and chair of the XBRL-US Adoption Committee. "XBRL is the solution, and this survey indicates that many XBRL-enabled applications are available to users now and considerably more will be developed during the next 18 months. Accounting software vendors perceive an increase in the demand and are making the investment now to XBRL-enable their tools in order to meet the needs of information users."

The survey concludes that XBRL is making significant progress, and, though in the early stages, is being widely accepted and adopted among the software community.

You may access the full report or visit the XBRL-US Web site.

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American Institute of CPAs did the survey job. I will download the final report and then discuss more things. More details : http://saginfotech.com/GenComp...