XBRL technology may expand its reach in financial reporting even more in 2010, thanks to several efforts in Congress and the states to use XBRL as a means to reduce complexity in financial statements.
Corporate America has already been complying with a mandate from the Securities and Exchange Commission for nearly a year to “tag” financial data in XBRL, with some hiccups but generally no great cost or pain. Now voices in Congress want the SEC to start providing annual updates about how it is encouraging the use of XBRL and want other agencies to use XBRL to ...