experience with XBRL

[Elitsa Petrova]

Did u worked with xbrl yet? what do u think of it? how do u see the benefits of it and among with them - what difficulties did u reached?

[Miles P. Jennings, Jr.]

Hi Elitsa,

You might like to check out the experience of United Technologies which is on the main page, center boxes, under "XBRL Resources". Here is a link to that article: http://www.aicpa.org/pubs/jofa/jun2007/stantial.htm

Welcome to the network. I hope some members will expand on your discussion.

Miles

[Elitsa Petrova]

Thanks Miles :)

[Miles P. Jennings, Jr.]

Also, you might like to contact Jay Aleck. He is working with Hyperion program for internal use and previously had started a discussion about his experience.

[Dan O'Brien]

I have worked with several tools that utilize an XBRL data-set. Working with XBRL allows me to perform analysis much quicker and much easier than looking at traditional financial disclosure on the net.

I think the benefit for companies who report their financial disclosure in XBRL is that they will improve the accuracy and quality of their financial information in the marketplace....there will no longer be any data contamination, since xbrl data comes from standardized taxonomies.

For analysts, XBRL tagged data can be integrated into their equity research programs and models. Nowadays, the time it takes to gather and validate financial data is sometimes longer than the time spent on actual analysis. With an XBRL dataset, analysts will have more time to cover more companies in any industry.

For investors, some of the biggest benefits will be the incredible tools available to the public that will allow them to use XBRL to make informed investment decisions. Here are some sample sites that show what you can do with XBRL:

www.tryxbrl.com - you can see a sample of any company's financial disclosure (who files in US GAAP)in XBRL and you can see a 3 peer analysis for any public companies that file in US GAAP.

sec.gov ( http://viewerprototype1.com/viewer) - see financial statements of companies who filed in XBRL in the SEC's Voluntary Filng Program. Also has a wizard to allow you to quickly create charts of any company's financial disclosure.

[Elitsa Petrova]

Hi Dan,
Sorry for the late reply.

Thank you very much about the post, the links were really useful and good to see what it is in real.

[Somnath Ray CPA]

Yes I am working in multiple XBRL projects. It is indeed a fascinating and a refreshing experience for me than being in stereo typed accounting/auditing roles.
XBRL makes Business Reporting software independent and transperent and global by the using XML. XBRL makes it easier for analysts by the usage of common GAAP tags be it US or IFRS.