Phase 3 of the SEC's three-part XBRL mandate is under way, and this is the big one: Some 8,000 public companies begin filing their financial reports this year. They join nearly 1,700 of the nation's largest public entities that began the process during the first two years of the mandate.
In other words, XBRL is no longer “the next big thing” or “on the horizon.” It's here. Everyone is doing it because … well, because everyone has to do it.
It's time for XBRL to start fulfilling its promise, and Eric Cohen says it's well on its way.
“The level of depth is such that analysts can make use of thousands, and in some cases tens of thousands, of barcoded facts from which they can pull information,” Cohen, who co-founded the data tagging language, said in a recent MACPA interview. “Companies can now tell their stories and communicate to the marketplace things that used to get lost.”
The results? More transparent information and better financial decisions, hopefully.
In the meantime, there are some things worth noting as thousands of new filers join the XBRL club. Among them:
Interesting things to chew on as we watch XBRL's progress in the United States. Cohen offers some others in this MACPA podcast.
Want to learn more?You can find out more about XBRL by registering for a couple of important events.