A surprising finding of a recent national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton is that 52% of public companies had ‘no plans at this time’ to ‘report using XBRL’ – despite the S.E.C. mandate window for XBRL filing of June 2009 to 2011. One wonders what this means?
It’s hardly credible that the respondents are not aware of the mandate to file in XBRL. Maybe they interpreted the question as ‘someone else will do it for us’. Or maybe there is a revolution brewing out there and instead of chucking tea chests into the ocean these CFOs and comptrollers will be dancing around the copier room gleefully shredding XBRL taxonomies. It’s a mystery.
The good news is that roughly half the public companies out there do expect to use XBRL for reporting by or around 2011. So thank goodness for that…
Tags: SEC
