Powering the online communication and consumption of financial information.

XBRL

Related Topics: XBRL

Ulitzer XBRL: Article

XBRL Perceived as Technology Standard for Reporting Financial Information

XBRL Perceived as Technology Standard for Reporting Financial Information
By XML News Desk
Article Rating:
August 5, 2003 11:40 AM EDT
Reads:
 7,589
(August 5, 2003) - A recent XBRL Software Vendor Survey shows that more than two-thirds of accounting software vendors have either already XBRL-enabled at least one of their accounting software packages or will do so by December 2004. These software vendors include Microsoft, Oracle, Hyperion, SAP, PeopleSoft, ACCPAC, JD Edwards and Cartesis. Conducted on behalf of XBRL-US by the American Institute of Certified Public Accountants, the survey indicates that demand for XBRL functionality within accounting applications is on the rise.

"What's encouraging is that we've already seen about 90% of the accounting software products targeted towards larger companies are XML enabled and that many are being readied for XBRL functionality," said Louis Matherne, president of XBRL International. "In fact, SAP and Oracle have already XBRL-enabled at least one product to-date."

The survey goes on to show that accounting software vendors have initially focused development efforts on products that output/export XBRL-formatted data - XBRL import functions will come later. Fourteen of the vendors surveyed indicated that their applications will include an XBRL export function initially. This is a natural evolution of the acceptance of XBRL in the marketplace. The first step in the process is to enable software to output XBRL data, and as market demand progresses, applications that can efficiently and accurately import and consume XBRL-tagged information will be developed as organizations begin to automate many of their business reporting processes.

For more information, go to www.xbrl.org ">www.xbrl.org.

Published August 5, 2003 – Reads 7,589
Copyright © 2003 Ulitzer, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.

More Stories By XML News Desk

The XML-Journal News Desk monitors the world of XML and SOA /Web services to present IT professionals with updates on technology advances and business trends, as well as new products and standards.

Comments (0)

Share your thoughts on this story.

Add your comment
You must be signed in to add a comment. Sign-in | Register

In accordance with our Comment Policy, we encourage comments that are on topic, relevant and to-the-point. We will remove comments that include profanity, personal attacks, racial slurs, threats of violence, or other inappropriate material that violates our Terms and Conditions, and will block users who make repeated violations. We ask all readers to expect diversity of opinion and to treat one another with dignity and respect.