White Paper Makes the Business Case for XBRL in Non-technical Terms

XBRL, which stands for eXtensible Business Reporting Language, is a language for electronic communication of business and financial data. Although it is not yet the language of business, there are signs that it will be in the future.

Most of the discussions about XBRL up to this point have been highly technical and not much use when talking about or even describing XBRL to non-technical staff, let alone clients. That is where this white paper The Business Case for XBRL from UBmatrix, comes in. It makes the business case for XBRL in terms the average businessperson can understand.

The paper begins with a discussion of the criteria used to any business reporting system, not just XBRL. This is followed by a summary of the benefits and background of XBRL. A business system with XBRL is compared to one without. Finally the benefits of XBRL are explored in greater detail along with four specific examples of XBRL in use.

XBRL-US is the U.S. jurisdiction of the international effort to develop and promote XBRL. XBRL-US is responsible for the XBRL technical and adoption activities throughout the country.

If a business needs to exchange information with another business, a regulatory body, or other entity, the need for XBRL or something like it is fairly obvious. Over the years, many different solutions have been proposed but no one standard has emerged. XBRL is beginning to look like it may be that standard, especially with the implementation of the Call Report Modernization Project which requires all banks to submit their quarterly call reports using XBRL beginning October 1 and the extension of the Securities and Exchange Commission’s (SEC) voluntary filing initiative through EDGAR online.

You may like these other stories...

As complex as federal tax can get, at least you're only dealing with one agency: the IRS. But when you get into state and local sales tax, you're coordinating hundreds of jurisdictions that are constantly changing....
All that was needed on Tuesday was a voice vote for the House of Representatives to pass a bill that would prevent state and local governments from taxing access to the Internet.Now the ball is in the Senate’s court....
Many bootstrapped startups do not have the budgets to bring on dedicated IT experts who can build out infrastructure and provide immediate solutions to end users. Small businesses must simplify both hardware and software...

Upcoming CPE Webinars

Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.