Remember that scene in The Deerhunter when Michael holds up a rifle bullet and says: This is this…
One of the points he is making is that sometimes there’s just one small thing that makes a difference, a big difference. That single round makes a big difference to the deer, the Russian roulette player, the POW in a card game with his heavily-armed captors.
I’m lucky enough to be able to walk on a local hill most mornings and sometimes as I stand on the summit I can see the moon in the early morning sky. And I think…if it wasn’t for gravity I would just be ripped from the earth and propelled into space. Blasted away, before you’ve even had a chance to down your skinny latte and blueberry muffin for breakfast (or in my case, pint of Scrumpy and bowl of Dorset knobs).
It’s a truly grounding thought isn’t it? Gravity is the one thing that holds me on earth (apart from salty liquorice that is). If someone switched it off tomorrow (gravity – not the black stuff) we’d all just shoot off into oblivion. It’s that kind of difference I’m talking about.
So I’m wondering. Is there one thing that will make the difference for XBRL? And if so what is it?
A few years back it was easy to say what that one thing was (in the USA at least): It was the S.E.C. mandate. But now that just seems like ancient history, along with ‘interactive data’ and voluntary filing. And although it’s unlikely the XBRL momentum will stall anytime soon, what one thing could make a world of difference today? Here’s some suggestions….
- mo’ mandates, mo’ mandates, mo’ mandates (or am I misinterpreting those rap lyrics?)
- transaction-tagging on entry, built into leading ERP systems
- a global reporting taxonomy to truly empower the international ‘one report’ (or as we prefer to call it: ‘El’)
- simpler ‘point’ taxonomies that try to tag less rather than more (aka nanonomies)
- better inter-linking between taxonomies servicing different business domains (aka tagwebs)
- integration of XBRL by influencer standards agencies e.g. ISOx (NB. not Apple footwear)
- XBRL best practice awards ‘ The Hoffman Prize’ or a statuette simply known as a ‘Cohen’
- website schemas whereby every domain has an XBRL site map
- XBRL for sustainability or for product lifecycle navigation or for movie screenplays
- a coffee table book chock full of naked taxonomy photographs by Annie Leibovitz
What do you think? And No. You don’t have to be a Vietnam Vet or wear a headband to have your say.
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