“XBRL is evolving everywhere, but unevenly, because it is driven by various stakeholders such as governments, stock exchanges, banks, and other industry sectors,” according to the AICPA’s Journal of Accountancy. The latest issue compares the US, Asia, and Europe in their progress adopting XBRL as the universal language of business reporting and puts the SEC’s proposed mandate in global perspective.
While the United States and Asia focus on XBRL for use in capital markets, Europe is employing an eye-opening array of government-wide and cross-border applications in Europe. China has been using it since 2004 and continues to lead innovation, extending the use of XBRL for mutual funds reporting, IPO approvals, and even unofficial and internal financial reporting for smaller companies. What happens when the world’s largest capital market starts reporting in this format next year-and when everyone anywhere can share consistently structured, computer-readable data? You can get the full story in the October publication or go online to the Journal of Accountancy.
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