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AICPA Testifies Before Congress on XBRL

AICPA Testifies Before Congress on XBRL

by Rick Turoczy on March 30, 2006

“Enhanced financial reporting is no longer just a dream,” said Melancon. “Coupled with enabling technologies like AICPA’s initiative XBRL enhanced business reporting will provide users with the breadth of information they require at the speed they need to be successful in today’s economy.”

Use of XBRL is not the only component required to achieve enhanced financial reporting, Melancon told the Subcommittee. “Companies, public accounting practitioners and policymakers still need to consider many elements as the evolution towards a reporting model that meets the needs of today’s markets continues to become a reality,” he said.

Melancon identified two of those elements as simplifying overly complex reporting and converging international reporting and auditing standards.

AICPA Testifies Before Congress on XBRL

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