XBRL Conversion Process So Slow?" The CPA Journal, January 2011).Ĭurrently, XBRL tags are often applied by a financial statement printing service (such as RR Donnelley or Super Edgar) or other tagging service at the very end of the accounting cycle after the financial statements are completed (see Exhibit 1). Tagging this late in the cycle gives no opportunity to use the power of XBRL in the regular operations of the business (Jianing Fang, "Why Is the U.S. Nevertheless, XBRL has not yet achieved its early promise of allowing realtime auditing and continuous financial reporting because the financial statement data for most SEC filers is not being tagged until the very end of the accounting cycle. This eliminates the need for rekeying data, which greatly reduces the labor required and errors made.
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It does not require an accountant to know computer coding, because the coding is built into the software and, once added, translates the business information so that each segment of data is identified when used by a web browser or a spreadsheet application for calculation and examination (Thomas Tribunella and Heidi Tribunella, "Using XBRL to Analyze Financial Statements: A Step-by- Step Spreadsheet Guide," The CPA Journal March 2010).
XBRL allows information to be exchanged between information systems, both internally and externally. A few companies are already finding excellent uses for XBRL in their accounting control function, and other organizations are examining its applications for potential use in other areas of accounting. As the name implies, XBRL can be used for all kinds of business reporting" (Raquel Filipek, "Got XBRL?" ITAudit, June 10, 2007). According to Charles Hoffman, commonly called the founding father of XBRL, "A lot of the use of XBRL has been regulator-driven by the finance sector, but there's just as much of a business case for organizations to use XBRL for internal purposes.
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