Here on the Merrill Corporation Financial Experts Blog, we’ve been writing about XBRL advances since 2010, and a lot has happened in that time. Last time, we began looking back over the past year to see how the XBRL landscape has changed, and where it is going. So, journey back with us, and let’s take a look at a year’s worth of XBRL data and analysis.
What is possibly the most significant event in XBRL last year occurred at the 23rd annual XBRL International Conference. It was here, on October 26th, that XBRL International announced the first public draft of the XBRL Abstract Model. This tool was designed to give companies and organizations a wider range of tools to make better use of the XBRL language. The successful launch of this model put into place the foundation for dozens of organizations to build innovative uses for what was initially seen as a nuisance requirement.
In the last two months of the year, XBRL was thrown into the spotlight once again, as political groups discussed its use for government financial reporting. The language, it was thought, could bring federal reporting into a much more transparent light. This possible use saw wide support from CPA’s, and made ‘XBRL’ a common phrase for political writers.
So, where does this leave us?
Throughout 2012, we expect to see XBRL take up more and more space in federal discussions. All signs from last year’s data point toward government agencies adopting XBRL for government reporting. It’s a decision that made sense in 2011, and one that makes sense now. With one, universal, reporting system, any agencies, companies, and investors can easily acquire the data they need to make decisions.
We also think that a lot of 2012 will be spent writing about incredible new innovations in the technology. At this point, most companies are at peace with XBRL, or at least they have learned how to use it. We would like to see more financial institutions explaining the benefits and perks of the language, but those stories will likely come in behind more sensational news.
XBRL has been a wild ride, so far, and we’re looking forward to sharing the next year of the journey with you.
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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