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XBRL and Augmented RealityJanuary 29th, 2010 by Stewart McKie - Executive Advisor
Once again, no-one invited me to Davos this year, so I’ve been spending my time noodling about XBRL analytics and in particular the visualization of XBRL data. Which led me to this odd couple: XBRL and Augmented Reality. By the way, I think Walter Matthau is perfect for the part of XBRL. Read the rest of this entry » Myths and Legends of XBRLJanuary 29th, 2010 by Stewart McKie - Executive Advisor
I love round-up articles. You know, those pieces so beloved by editors that give a snapshot of a topic from different perspectives. That’s why this one - Regulators are champions of XBRL – fresh and pink in the Financial Times, caught my eye. Read the rest of this entry » The Sunshine BoysJanuary 27th, 2010 by Stewart McKie - Executive Advisor
When I saw the SEC Climate Portal on a Google search results page, I mistakenly thought this was the US S.E.C.’s rather than the Singapore Environment Council’s climate change portal. But I wonder how long it will be before we do see an S.E.C. climate portal? Given the increasing interest in the potential impact of climate change on businesses worldwide and item 2 on the agenda for ‘The Sunshine Act’ meeting on Jan. 27, 2010: Item 2: The Commission will consider a recommendation to publish an interpretive release to provide guidance to public companies regarding the Commission’s current disclosure requirements concerning matters relating to climate change. Read the rest of this entry » Interview with Mr. Patrick Quinlan President of Rivet SoftwareJanuary 26th, 2010 by Patrick Quinlan - CEO
Reposted from XBRL Blog Patrick Quinlan is the President of Rivet Software, a Denver, Colorado-based company that is pioneering the future of global financial communications. Patrick comes to Rivet as a business executive with a proven track record of startup development, funding strategies, and capital investment success. He brings experience in the small and emerging business space and is skilled in executing strategic planning, performing market analysis, and guiding new product development. As the CEO of several successful startups and as a consultant, Patrick has helped many companies build and manage effective sales teams, meet revenue goals, and achieve peak performance. He graduated from the University of Kansas and holds an MBA from Regis University. 1. Why is XBRL so superior in technology to its other alternatives? XBRL is designed for superior flexibility, yet in a standardized format. Since XBRL is based on the well-developed and accepted technology XML, it’s much more accepted by technical and business users. Read the rest of this entry » Transparency on PurposeJanuary 26th, 2010 by Stewart McKie - Executive Advisor
In a recent post It is NOT different this time, and XBRL will not avoid the coming crisis, author Daniel Roberts quotes Dennis Santiago, CEO of Institutional Risk Analytics, as saying: “bottom line is that as long as people are allowed to create opacity on purpose in finance these problems will resurface from time to time.” Something that strikes me as worth reflecting on. Read the rest of this entry » The Seamless Audit TrailJanuary 25th, 2010 by Stewart McKie - Executive Advisor
Eric Cohen and other XBRL-GL evangelists have been advocating the idea of a seamless audit trail for some time now. Potentially there’s a lot of complexity to this idea involving metamodels of ERP data in UML and so on. But I’m a simple person, so I tend to think of the seamless audit trail as a refinement of a basic function of any accounting or financial reporting software package: Drilldown. Read the rest of this entry » Treadware: The Future of Financial Reporting Software?January 22nd, 2010 by Stewart McKie - Executive Advisor
A couple of years ago, the chairman of the International Accounting Standards Board, Sir David Tweedie, is reported to have said “the future of financials is non-financials”. But I would like to suggest that in fact, the future of financials is feet. Or at least that’s the way it seems here in the U.K. as we prepare for corporate footprint reporting in July 2011. Read the rest of this entry » Choosing an XBRL Solution: Outsource vs. In HouseJanuary 21st, 2010 by Chris Taylor, CPA - VP, Professional Services
The advancement of eXtensive Business Reporting Language (“XBRL”) technology along with the three-wave SEC mandate for submitting financial information as interactive data has created a tsunami for external reporting professionals at public companies. The first year interactive data SEC filing requirement has been commonly referred to as block tagging. This means that in addition to tagging the body of the financial statements the individual footnotes are each block tagged with an appropriate element from the company’s chosen XBRL taxonomy. The second year interactive data SEC filing requirement includes all the first year requirements, but then requires the additional three-levels of detail tagging for the financial statement footnotes. Read the rest of this entry » The ShadowJanuary 19th, 2010 by Stewart McKie - Executive Advisor
When I first read the post The Economic and Regulatory Shadow by accounting professor David Albrecht, I thought I was reading a treatment for a movie. Plucky protagonists, the accounting professors, stand up against the evil machinations of their arch-villain antagonists – regulators and the State-DoD-NSA complex. Usually in movies of this type, despite all the odds, the protagonists win. But in this case I don’t think the movie has a happy Hollywood ending. Read the rest of this entry » XBRL Preparedness: But for What?January 18th, 2010 by Stewart McKie - Executive Advisor
The results are in from the November 2009 survey of XBRL Preparedness by the AICPA/XBRL US. The good news is that almost half the respondents (45%) said that preparing their XBRL filings was easier second time around. But then most things are. On the other hand respondents recognized the challenges of mapping/tag selection (15%), getting educated (10%), and validation (9%). Now I know this was not part of the survey remit but an aspect of ‘preparedness’ that was not addressed is what businesses are preparing to do when all their peers and competitors are also filing in XBRL? Read the rest of this entry » |
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