In a continued effort to educate on the development of XBRL technology in industries such as financial services (and beyond), Merrill Corporation will share articles and columns published on the topic.
In our post last week, we discussed the fact that some are questioning whether learning XBRL will be worth it when it comes to the SEC mandate to tag filed financial information.
One of the reasons the question is being asked is because some of the more respected organizations throughout the world are classifying the reporting language in a confusing way. For example, this week, the International Financial Reporting Standards Foundation released a statement regarding XBRL taxonomy:
But "nearly all" of the participants cautioned against the foundation's recommendation that XBRL, or eXtensible Business Reporting Language, be integrated into the formal standard-setting process.
Instead, XBRL should be viewed as a "complementary, but secondary activity, that should not impair the ability of the IASB to make the necessary standard-setting decisions", the minutes state.
The SEC has made it clear that that XBRL is the wave of the future, but are others unwilling to take that step at this point?
----- Merrill Corporation is proud to offer XBRL Complete, a suite of services that meets - and has options to exceed – the mandated requirements for XBRL for mutual funds. For more information, please click here or call 866-367-9110.
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