XBRL: Here to Stay by ProQuest


XBRL is an openly developed global standard for more transparent, reusable and interactive data. Instead of treating financial information as a block of text as in a standard Internet page or a printed document - XBRL provides an identifying tag for each individual item of data. XBRL is being used for financial reporting and statutory reporting, especially in the banking industry; taxation; and even for the detailed information found within ERP systems to facilitate better controls and simpler consolidation and integration. Whether outsourcing the preparation or embedding XBRL within their systems, management is advised to ensure reasonable preparation and review processes. Internal controls should be designed and put in place given the SEC's expectation of accuracy and reliability.

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