In the January/February 2012 issue of Financial Executives Magazine, experts from many important business sectors were asked to forecast the developments they expect to see emerge in 2012. The issue features experts' predictions on: the 2012 economic outlook, tax and regulation, growth, health care, energy, compensation, technology, M&A, legal, financial reporting and XBRL.
Joseph Howell, co-founder and managing director of WebFilings and community moderator of the SEC Professionals Group weighs in on the subject of XBRL in his feature article, "What's XBRL Reporting Got to Do With Bar Codes?" Since the implementation of XBRL for Tier 1 and Tier 2 filers in 2011, many have been left wondering, what use is there for XBRL and who is using this information? Howell explains, "A financial reporting revolution is underway since the SEC mandated public companies to file financial reports using XBRL. At the same time, many are comparing the technology's early growing pains to the bar code, noting that with critical mass, experience and mature tool sets, XBRL will prove beneficial beyond what is manageable today."
Read more about the 2012 XBRL outlook in the feature article, "What's XBRL Reporting Got to Do With Bar Codes?".