Financial Reporting in Flux - A Role for XBRL

According to a recent blog posting, companies are being asked to make available to the public increasing quantities of data directly from their systems on a real time basis. That is the trend! Companies may deny it and resist it, but it is being demanded by stakeholders. The implications are tremendous, not the least of which are issues around establishing data integrity and obtaining independent assurance. There is a need for a standard with which the data can be presented and used. By filling this need, XBRL will achieve a new level of usefulness. Indeed, that is a role in which XBRL will achieve its full potential. (For more information, visit the XBRL Canada Blog. )