XBRL is Pulling the Institution of Accountancy into the Present
Tuesday, August 8, 2017 at 08:50AM
Charlie

It is not so much that XBRL is anything really revolutionary.  XBRL is an idea similar to ideas that has been used by many industries to structure information to make things more efficient.  For example, electronic medical records and digital blueprints are similar ideas that have existed for years.

XBRL is enabling the institution of accountancy to catch up to the present.

Now, will XBRL and other technologies change the institution of accountancy?  Absolutely.  Ask yourself a question.  "What if all financial reports were digital?"  What exactly would that mean?

If you want to catch up to the present, consider reading Getting Ready for the Digital Age of Accounting, Reporting and Auditing: a Guide for Professional Accountants.

Old school approaches to creating financial reports have been inefficient for years.

Article originally appeared on Intelligent XBRL-based structured digital financial reporting using US GAAP and IFRS (http://xbrl.squarespace.com/).
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