“With Year 3 of the SEC's mandate rolling on,” begins a recent CPA Success article, “nearly all public companies are filing their financial reports via XBRL, bringing us this close to realizing the data tagging language's long-promised potential.” If there is a success story buried in this decade’s financial world, XBRL is the likely hero. The reporting language has already brought efficiency to most of the country’s corporations, and is now quickly gaining a following on a federal level.
CPA Success reports on three signs pointing toward the language’s destiny.
Auditors are starting to pay close attention as they search for ways to help their clients make the switch to XBRL through services like assurance, knowledge-sharing and training.
The MACPA is serving as a case study of sorts for how private companies can use XBRL. In fact, the association has been asked by the Financial Accounting Standards Board to work on a separate XBRL taxonomy for non-profit organizations.
Even governments are getting into the act. The state governments in Nevada and Oregon are setting the pace, and others -- including Maryland's -- are testing the waters to find out if XBRL can boost transparency and accountability at a governmental level.
Of course, with great power comes great responsibility. A host of new regulations and best practices will accompany XBRL into the next few years, and a lot of them, according to FASB chief of taxonomy development Louis Matherne, will rely on CPA’s.
As always, Merrill Corporation will continue to monitor any changes to XBRL reporting best practices, to ensure that our services remain convenient, accurate, and above all else, compliant.
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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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