XBRL: not just for external reporting; If you think XBRL is just for financial reporting by public companies to the SEC, think again. XBRL promises to be for business reporting what the Universal Product Code (UPC) has become for retailers--a means of standardizing, managing and simplifying processes.(BUSINESS REPORTING)

Financial Executive, May, 2008 by Sinnett, William M.; Willis, Mike

In February, the U.S. Securities and Exchange Commission's (SEC) Advisory Committee on Improvements to Financial Reporting (CIFiR) recommended that "the SEC should, over the long-term, mandate the filing of XBRL-tagged financial statements, subject to certain preconditions." SEC Chairman Christopher Cox responded by asking the SEC's professional staff to analyze the report and its proposals, and to provide recommendations to the commission for consideration.

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Most financial executives familiar with the term "eXtensible Business Reporting Language, or XBRL," likely associate it with external reporting and regulatory compliance. And, as such, they are waiting to learn more about it when the SEC mandates filing via XBRL. However,...

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