Up to this point, we’ve been making an effort to provide resources to simplify the tagging and filing process for XBRL. But what happens after the paperwork is turned in?
Most proponents of XBRL believe that the next step in the language’s evolution is finding better uses for data after the filing process is over. This week, we’re looking at a few analysts that are reinventing the way that the financial sector looks at XBRL data.
Some of the first breakthroughs, as described in this Tech Target article, involve giving private investors a more efficient method of tracking potential investment opportunities.
Users enter a company’s stock symbol to receive the last five quarters of financial data, perform calculations on it and share the results. The tool reports a handful of preset financial metrics, including percentage change, gross margin and quick ratio, according to Alex Rapp, a Calcbench co-developer. “These are simple things that an investor would be doing on their own, but spending a lot of time to do it,” Rapp said.
But this is just the beginning. Experts at XBRL.US held a conference on February 29th specifically to examine the potential uses and benefits of XBRL data analysis. A recorded webcast of the conference is available here.
XBRL.US was motivated by the commonly-shared fact that financial companies are now swimming in piles of data, and that data has huge potential.
Now, the only problem is finding a better way to use it.
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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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