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Article

Title: XBRL: From Tags to Riches?

Author: Staff Article Type: Product Analysis
Source: CFO, v21 n5 p13(2) Publication Date: Mar 2005
  ISSN: 8756-7113
URL of Publication: http://www.cfonet.com

Extensible Business Reporting Language (XBRL), a computer coding technology that places a tag on a range of financial data in order to make it more readily exchangeable, is poised for a surge in growth and adoption as a result of an impending move by the Securities and Exchange Commission (SEC). Commencing on March 16, 2005, companies will be able to file data tagged in XBRL. According to the SEC, this move will provide a common platform for the exchange of data. This is particularly useful, point out supporters of the technology, when dealing with such factors as the reporting of property, plant, and equipment data, where the standard representation of data is vital. Another strength of XBRL is that it can eliminate the need for rekeying and other duplicative efforts. Still, few companies have adopted the computer language in the absence of a compelling need for shouldering the expense. The move toward data standardization supported by the SEC measure is expected to be an important boost to the technology.

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