XBRL Examined in Plain-Speak English
A new August 2000 Journal of Accountancy article written by Colorado CPA Wayne Harding, formerly with Great Plains, and Stanley Zarowin, a member of the JOA staff, examine XBRL and its applications to various accounting scenarios.
In summary, Zarowin and Harding conclude that:
- XBRL, or eXtensible Business Reporting Language, will be the standard for all business reporting; the authors believe the process will be truly revolutionary.
- The software to enable XBRL will be built into the majority of all financial and reporting software.
- The software will seamlessly translate all business information, including numbers and words, so each segment of data is identified when viewed by a Web browser or when used in a spreadsheet.
- Regardless of the size or scope of the organization, using XBRL will increase efficiency because the process increases access to data and makes it easier to use.
- Process and calculation time decreases because the data can be used over and over without rekeying any information again.
- Opportunities will expand for the accounting profession based on increased abilities.
- It's free to the end user!
For more information, visit the XBRL Home Page.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.