The #9 “Sleeper Tech Story of 2010” according to InfoWorld is that businesses are resisting the XBRL mandate. “The big federal push to make publicly traded companies file financial statements using XBRL (Extensible Business Reporting Language) is running into surprisingly stiff resistance.” read the article here
There are a number of practical reasons for a company’s resistance to the SEC’s mandate that officially affects all publicly-traded companies on June15, 2011. Complying with the new regulations can be complex, time-intensive and a resource drain in general. However, aside from the initial resource burdens for companies, few can argue that creating a more transparent financial reporting ecosystem benefits everyone.
Stewart McKie authored a whitepaper for Rivet that further puts the need for standards-based reporting into perspective. Download Rivet Software’s White Paper: Standards-Based Reporting
Tags: Standards-Based Reporting
