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1.3 The Global Accounting Digital Library Project: Present and Future: Role of Business Reporting Standards. Eric E. Cohen Expectations: Access.

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1.3 The Global Accounting Digital Library Project: Present and Future:Role of Business Reporting Standards

Eric E. Cohen

expectations access
Expectations: Access

XBRL is the use of XML and related W3 recommended specification to represent the information common to users across the Business Reporting Supply Chain.

  • Accounting and taxation resources
    • Journals and other publications
    • Databases, including annual reports and other filings
    • Current texts, books and research
    • Accounting software
  • Other reference materials
  • Research services
  • Copiers
relevance and reality
Relevance and Reality

XBRL separates meaning from presentation; language issues can be handled easily. Agreement on content brings new comparability – to data, and to underlying rules.

  • General
    • Comparability
    • Printing and handling costs
  • Global
    • Language
    • Timeliness
    • Rules and laws
access to filings
Access to Filings

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.

  • SEC Voluntary Filing Program
  • Netherlands Taxonomy Project
  • Many other countries and efforts
    • Japan EDINET
    • Singapore
    • China
    • Korea
research of the future
Research of the Future

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.

  • Standards, led by XBRL, facilitate the use of more consistent, context-rich metadata
    • Examples
      • Search by FAS 158
      • Search by CashCashEquivalents
      • Search by CIK 0001160330
research of the future1
Research of the Future

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.

  • What if all business data, at the utmost level of detail, was delivered to “black boxes”
  • Research institutions could have real-time, enhanced access to that data, selectively opening it
  • Until full transactional detail (properly redacted) and audit information was available for study?
  • The Global Accounting Digital Library
    • Simplified, more common data
    • In global databases
    • Language independent
    • Context-linked

XBRL and other standards will play an important role in the standardized, integrated, searchable, consistent environment of tomorrow.

  • XBRL International
  • (U.S.) SEC and Interactive Data
  • Netherlands Taxonomy Project
  • Eric E. Cohen
    • +1-585-271-4070