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XBRL? No Thanks, Chaps
Posted by Jason Karaian | | US
December 1, 2006 9:31 AM ET

Like two weeks of annual vacation and casual Fridays, filing financial statements in XBRL isn't a custom likely to catch on at British companies any time soon. The Financial Services Authority—the UK's answer to the SEC—recently felt it necessary to reiterate its disinterest in the programming language. Despite "a number of regulatory bodies" (read: the SEC) championing XBRL, the "cost and risk" of introducing the technology for corporate filers do not outweigh the benefits, the FSA said.

So, it looks like XBRL superfan Christopher Cox won't enjoy the same "special relationship" with his opposite number in London, John Tiner, as that between Bush and Blair. Of course, look where that got poor Tony.

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FSA may not be a fan of XBRL, but companies should and are adopting best practice, taking the lead and grabbing the benefits.

XBRL is not just something that may or may not please regulators it provides a basis for communicating financial and business reporting data to key stakeholders. It?s a standard which offers an easy and accessible route to peer to peer benchmarking, better planning and forecasting and ultimately enhanced business reporting - surely that?s the biggest value driver? Watch this space, we can expect more soon...
Posted by James Fisher | December 08, 2006 08:21am

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