Ironic. On the same day that the Data Transparency Coalition held their 2013 conference in the Ronald Reagan Building in Washington, DC 20229, this story broke on Reuters…
“House Oversight Committee Chairman Darrell Issa sent a letter on Tuesday to Securities and Exchange Commission Chair Mary Jo White asking for an explanation of why the regulator has been so slow to embrace the use of eXtensible Business Reporting Language, or XBRL, even as she seeks more funds to hire additional staff.”
Here is the letter sent. It’s very direct and a little disheartening. We will be following this story. It will certainly be a topic for hallways at the XBRL.US conference in Las Vegas.
What does this mean for those that are using and filing XBRL?
- Stay the course. It’s the law.
- Continue to focus on quality. The only way XBRL will be embraced by investor research portals (Bloomberg, etc.) is to make your company XBRL (dollars and tags) accurate.
- Reduce your costs to make a perceivable ROI more obtainable.
The third point above is exactly how we counsel our clients on XBRL. We discuss that strategy here. The very structure of our XBRL program (appropriately called fleXBRL) is flexiblity to match your company’s workflow and budget.
We all want this to work out. What workflow best suits your company and accounting department? Click here to tell us.
Have a great day.