Magazine article Strategic Finance

XBRL Will Spread Quickly

Magazine article Strategic Finance

XBRL Will Spread Quickly

Article excerpt

I am convinced that, after a given period of time, interest in XBRL will soar. Here are a couple of reasons why I'm optimistic. First, XBRL.org is working with a large federal agency that's interested in converting a monthly report, which it receives from over 100,000 financial institutions, into XBRL. Second, XBRL.org is working with one of the largest banks in the world to incorporate XBRL into its key customer reporting. With over one million customers, this development could very well be the 800-pound gorilla XBRL has been looking for.

On the software front, software vendors are gearing up for new product releases. For example, ACCPAC will be announcing the inclusion of XBRL in all future releases. Hyperion will offer its XBRL solution this summer. FRx is also poised for a major product announcement very soon.

And major conferences this summer--AICPA TECH 2001 in Las Vegas, the IMA Annual Conference in New Orleans, and the American Accounting Association meeting in Atlanta--will feature XBRL speakers. Bryant College's Educational Resource Center will be running half-day seminars this summer, co-sponsored by Software AG, that will reach financial professionals in the New England area. The AICPA, under its CPA2BIZ enterprise, is sponsoring an XBRL book written by Charles Hoffman and is producing a three-hour video about XBRL that will soon be available for CPE credit.

On the international scene, the government of Singapore is moving ahead with XBRL adoption. …

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