Many public companies have been, ahem, less than enthusiastic about adopting XBRL for their financial-reporting processes. Software vendors, however, are just about doing handsprings for what they see as their moment finally arrived.
In the last six months, the Securities and Exchange Commission has unveiled a trio of XBRL software programs for investors; the most recent, its Financial Explorer application, was added only last month. The tools are intended to help the public analyze and compare financial data more easily, once companies tag that data in eXtensible Business Reporting Language. SEC Chairman Christopher Cox has long hailed it as “the future of financial reporting.”
Software vendors can’t wait. Michael Schlanger, vice president of strategy at financial printer Merrill Corp., says XBRL will finally make the “A” in the SEC’s EDGAR filing system—which stands for “analysis”— come true. “That has been missing,” says... To get the full story, subscribe now.
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