1.3 The Global Accounting Digital Library Project: Present and Future: Role of Business Reporting Standards. Eric E. Cohen firstname.lastname@example.org. Expectations: Access.
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Eric E. Cohen
XBRL is the use of XML and related W3 recommended specification to represent the information common to users across the Business Reporting Supply Chain.
XBRL separates meaning from presentation; language issues can be handled easily. Agreement on content brings new comparability – to data, and to underlying rules.
XBRL facilitates more easily reused data, more comparable data (across regulators, across countries, across other boundaries). It is securities, it is tax, it is pan-governmental.
XBRL: relevant to establishing law, and researching laws across borders and languages. Each concept is tied to its underlying legislation; cross-topic research is then possible.
XBRL is more than tax returns, annual reports and like typical data; it is the underlying business detail (XBRL Global Ledger); it can be agreement on tomorrow’s audit documentation.
XBRL and other standards will play an important role in the standardized, integrated, searchable, consistent environment of tomorrow.