Taken from BlogRolling Meadows, IL, and New York, NY, USA (22 June 2011)—ISACA and the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging XBRL for Value in Organizations, to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.
XBRL is a universal language of business reporting that is increasingly being used for both external and internal reporting by organizations and is gaining traction worldwide.
“Understanding how to embed XBRL within an organization’s information processes can enhance management communication, increasing the value of the information used within an enterprise,” said Roger Debreceny, Ph.D., FCPA, CGEIT, member of ISACA and co-developer of the XBRL paper. “ISACA collaborated with IFAC to develop this paper to provide accounting and assurance professionals with guidance they can rely on from trusted sources to leverage value from XBRL initiatives and compliance requirements.”
“Many organizations have not yet realized how useful XBRL can be for them; professional accountants in business can assist them in navigating and making the most of XBRL,” said Roger Tabor, chair of IFAC’s PAIB Committee. “This paper can serve as a starting place to integrate XBRL and help organizations leverage its value.”