The Future of Financial Reporting
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A number of leading accounting organizations, including AICPA [1], Arthur Andersen [2], Deloitte & Touche [3] and PricewaterhouseCoopers [4], are backing a new XML-based financial standard to exchange information online.
Known as the XBRL Project Committee, the goal is to roll out the standard--Extensible Business Reporting Language or XBRL--by July 1.
XBRL also is supported by some of the most well-known software companies, including Microsoft, SAP and Oracle.
In layman's terms, the new language uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet.
Program note:
Mike Willis, a partner at PwC and Chairman of the XBRL Steering Committee [5], will join AccountingWEB to present an online workshop [6] on Tuesday May 2 at 4:00pm EDT to explain what the new reporting language is all about. Be sure to mark your calendars for this session!