eXtensible Business Reporting Language (XBRL) Committee
IMA seeks to identify current and emerging technologies which enable accounting professionals to be more effective strategic partners.
Technology is transforming the finance function and the finance professional--from data to decisions, information to insights and influence. IMA is focused on XBRL (eXtensible Business Reporting Language) because of its potential to improve enterprise business reporting from several perspectives - accuracy, speed and value.
The focus is on what XBRL as a web-based open standard can deliver for practitioners whose day-to-day responsibilities include producing and analyzing internal information for upper management. This information includes financial and non-financial value drivers. Streamlining the information flow from multiple databases should allow for more time spent on converting raw information into intelligence and insights for upper management. Emphasis on practical case studies (rather than theoretical discussions) allows the practitioner to assess the value and portability of the application to their environment. In the case of XBRL, we are working with the FDIC to articulate how they are in the process of using technology enablement to streamline and fundamentally transform the data flow from over 8500 member banks.
For inquiries about the IMA research and advocacy on XBRL, please contact:
Linda Devonish - Mills, CMA,CPA
Director, Market Advocacy
For further information on XRBL, visit www.xbrl.org
eXtensible Business Reporting Language (XBRL)