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One Global Approach to Digital Financial Reporting?

Will there ever be one global approach to digital financial reporting? That is a good question.

The International Journal of Digital Accounting Research published an article, XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy Approach, which contemplates that issue.

That document pushes "the data point model" approach to modeling information.  There are other approaches. Here is a summary of approaches which I am aware of:

  • Data point model
  • SEC/US GAAP Taxonomy model (Used by SEC in the US)
  • Inline XBRL (Used by HM Revenue and Customs in the UK)
  • SBR (Standard Business Reporting, used by The Netherlands and Australian governments)
  • MCA India
  • Japan FSA
  • The Global Filing Manual (don't know how this is going)
  • Other more proprietary approaches (like the FDIC)

Would one standard, global model for digital financial reporting be a good thing?  I think so.  Is it necessary? It may not be necessary, but it sure could not hurt. I don't really know the complete list of pros and cons.

It will be interesting to see how this plays out.

Posted on Friday, December 7, 2012 at 12:41PM by Registered CommenterCharlie | CommentsPost a Comment

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