Financial Executives International President and CEO Colleen Cunningham prepared a list of financial reporting issues she believes will be of vital interest for preparers and that will require attention during 2006.
XBRL was #6 on her list..
Both the SEC and FASB have staff dedicated to eXtensible Business Reporting Language (XBRL). The SEC had asked for voluntary reporting by companies under XBRL for 2004 reporting. Although very few companies voluntarily reported using XBRL, new SEC Chairman Christopher Cox has made technology a priority for the commission. As software providers create products that are user-friendly for preparers, it is expected this project to gain more momentum in 2006.
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