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. Over the next weeks, we are 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.
In January of 2011, many companies were recovering from their first foray into XBRL tagging. According to data at the time, 50% of surveyed companies had no plans in place to meet the required 2011 deadline, and later data would show similar numbers of disappointment in the system.
XBRL made some of its first national headlines in March, when it was featured at the South By Southwest Conference in Austin, Texas. The conference feature focused on XBRL’s promises of transparency and public data.
May of 2011 saw some great innovation in the XBRL space, with developers in India planning ways of using the tagging process to improve efforts to quell an exploding crime rate. The software would see a series of other innovative uses over the coming months.
Over the summer, XBRL requirements increased. Many companies began questioning whether or not the complicated mandate was worth the time and effort it required. “This is only the beginning of the XBRL era,” said a July FierceComplianceIT article. “In the second year, each amount in the notes and financial schedules must also be tagged. So the process will continue for at least a few years.”
Join us for our next installment of Last Year in XBRL, where we’ll look at the tail end of 2011, and how the final advances of the year set the stage for this year’s financial climate.
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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