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Topic: XML
Peter Boritz
says:
Financial transparency does not come without a price. Accuracy is only one of many subjects that need to be addressed with XBRL filings. How does the filer verify that what is described in the instance document and extension match what he/she thinks it does? How does the filer validate that the filing matches the paper/html filing? Are the extended labels correct? Is the filing properly mapped to respective dimension segments?
Not specifying a dimension segment will result in a mapping to a dimension default. This is not is not necessarily what is desired. For more complex reports, such as the statement of shareholders equity it would be syntactically acceptable, but would represent incorrect information in the filing.
What procedures and verification would an internal auditor be required to follow in order to minimize liability? How does the filing meet with SOX compliance?
XBRL is still in the birth stages of development. These are questions that must be address for it to be successful. Many preparers are not equipped to deal with these issues. This will change over time. Transparency and its many authentication issues are yet to be taken under consideration. There are many pioneers. Filers must ask the right questions and seek solutions as they move into the XBRL filing process.
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Legislation and Regulation, XML
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Thanks much for mentioning two posts from Data Interactive, the Hitachi XBRL blog.
Readers interested in the use of XBRL for sustainability reporting may also want to view this recent post of Sean Gilbert of the Global Reporting Initiative, or GRI (http://tinyurl.com/n8wneu).
Bob Schneider
Editor, Data Interactive
hitachidatainteractive.com