Monday, February 27, 2017

Global CEOs name XBRL for More Useful Corporate Reporting

The Global CEOs of the top six accounting firms have called for more forward-looking information in financial statements.   They point out that financial statements give a rear-view mirror, whereas investors ought to be given more quality forward looking statements. The firms say XBRL, or Extensible Business Reporting Language, is the answer. It enables users to ask "What if" questions, construct graphs, make peer comparisons and view information in any language, currency or even different GAAPs like IFRS or US GAAP. It also makes possible daily reporting rather than reporting on the obsolete quarterly basis.

Read more at: http://www.moneycontrol.com/news/business/corporate-financial-reporting-getsnew-look_253364.html?utm_source=ref_article