From the August 2005 Issue
With the Securities and Exchange Commission encouraging adoption of XBRL for public filings and XBRL’s expanding international profile, software vendors are developing and launching a remarkable array of tools to help the end user make efficient use of this important technology.
“Better, Faster, Smarter” is the catch phrase for these developers. The following companies have brought new XBRL software solutions to market in 2005 alone: Adobe, Allocation Solutions, Blast Radius, CaseWare, DecisionSoft, DynAccSys, EDGAR Online, Fujitsu, Hitachi, Microsoft, Oracle, Rivet Software, Semansys and UB Matrix.
“There are currently 16 countries that have established their own XBRL organizations, the most recent being France,” said Louis Matherne, President – XBRL International and Director – XBRL for the American Institute of Certified Public Accountants. “With this level of activity and interest in XBRL, we expect even more software developers to enter the XBRL marketplace. The need is certainly there.”
Indeed, the impact of XBRL is broad and affects many industries spanning geographic borders, Matherne said. From the Dutch Taxonomy Project, designed to reduce the administrative burden of businesses reporting to government, to the anti-money laundering efforts at Banco de Espana, the use of XBRL extends beyond just financial statements. Moreover, the growing interest in XBRL by tax authorities for the exchange of business and financial information for tax purposes will broaden adoption even further and bring it to the small and medium enterprise.
Other XBRL trials are underway, or about to begin, in Belgium, China, Ireland, Japan, South Korea, Spain and elsewhere.
More Information: www.xbrl.org