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XBRL Explained

XBRL Explained

by Rick Turoczy on September 22, 2005

In the first part of a series on XBRL, Rob Blake, Vice President of Product Marketing for Rivet Software, examines the history and development of XBRL, while highlighting the need for XBRL compliant technologies to ease the burden of government mandated regulations around financial reporting.

Post-Enron, post-WorldCom and post-Parmalat, it’s no wonder legislature such as Sarbanes-Oxley mandates increased accountability and controls for corporate America. Regulators now require more information than ever before in a more timely manner, and investors demand more clarity and transparency. Although great in theory and intention, the multi-billion dollar price tag that accompanies the tackling of these issues has placed significant strain on corporate budgets.

In addition to the time, work and money corporate governance requires, the possibility of error raises other issues, as mistakes can lead to not only costly fines but also to jail time for financial officers. Given this combination of costly challenges, technology innovators have introduced new standards and solutions to help corporations meet the challenges of financial reporting both quickly and efficiently.

XBRL Explained

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