Rosetta Stone for the Global Financial Community
In an XBRL -- What the heck is that?, I talked a little bit about XBRL (extensible business reporting language) and mentioned that it is probably worthwhile learning a little bit about it. XBRL is the internet data-tagging language that is being touted by the International Accounting Standards Committee (IASC) Foundation as “rapidly becoming the format of choice for electronic filing of financial information.”
The ultimate goal for the IASC Foundation is to provide international financial reporting standards (IFRS) for companies around the globe. They have defined what is referred to as the IFRS taxonomy, which is a translation (hence, Rosetta Stone) of the international standards into XBRL. XBRL is nothing more than a tool to help them achieve that goal.
There is a nice article summarizing this financial alphabet soup in this week’s CFO.com (read article). It’s a quick read and not a bad place to start to get a high-level understanding of XBRL.
The ultimate goal for the IASC Foundation is to provide international financial reporting standards (IFRS) for companies around the globe. They have defined what is referred to as the IFRS taxonomy, which is a translation (hence, Rosetta Stone) of the international standards into XBRL. XBRL is nothing more than a tool to help them achieve that goal.
There is a nice article summarizing this financial alphabet soup in this week’s CFO.com (read article). It’s a quick read and not a bad place to start to get a high-level understanding of XBRL.
Category Compliance IT Governance
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