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March 31, 2010 from Big Fat Finance Blog – “Extensible business reporting language (XBRL) becomes a requirement for financial disclosure in 2011 in the U.S. and much of the world. In the process, many expect XBRL to bring about convergence of U.S. GAAP and IFRS. Additionally, some hope that it will finally get the CFO enthused about technology tools. “Finance is the last frontier of automation,” observed Jaideep Shah, Senior Product Manager, Fujitsu, and David Taylor, VP, Strategy & Global Business Development, Trintech, during a recent XBRL tools webinar…”
180 View – I think XBRL will be useful for accessing financial information that in the past was only available in pdf format and required rekeying. But to think that it will “automate finance” and “help speed the time to posting results for management” is misguided. It’s also misguided to think that it will allow for convergence of GAAP and IFRS. Finally it’s not true that finance is the last frontier of automation. In fact, finance was the first. I could go on with other problems in the article, but I don’t want to be harsh.
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