Accountants and XBRL
Through the use of XBRL in companies, accountants will be able to:
- Obtain more rapid and reliable data on company financial performance.
- Greatly reduce effort and costs in gathering and analysing data.
- Simplify and automate tasks.
- Focus effort on analysis and value-added work.
- Make better use of software to improve efficiency and speed.
- In summary, XBRL can speed up, reduce effort and increase reliability in accounting and auditing tasks.
The accounting community can play an important role in explaining and encouraging the adoption of XBRL. Major accounting companies are important members of the XBRL Consortium. For more information, please see the Accountants Supply Chain section under About the Organisation. Accountants should contact their local jurisdiction or XBRL International if they wish to play a role in promoting XBRL and gain a head start in understanding and applying its benefits.