XBRL (the extensible Business Reporting Language) will be required by Dec. 15, 2008, for publicly traded company financial document submission to the SEC (10K, 10Q, etc.) 75 of the Fortune 500 already submit using XBRL, including Ford, GE, IBM, Pepsi, UTC and Xerox. The Central Banks of the EU have also already adopted XBRL. (Ref: InformationWeek)
This should allow better reporting, analysis, and data mining of company financial information.
Most, if not all, statutory reporting systems now support XBRL, including:
- Oracle Hyperion Financial Manager
- SAP SEM
- Clarity FSR
- Microsoft FRx
- And more
Check out Hitachi’s Blog
Also see the SECs on-line Performance Management Analysis system called “Financial Explorer"
This is a very neat interface for interacting with quarterly results, historical data, trends, etc.
For more info:
http://www.xbrl.org/
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