In a hearing before the Domestic Policy Subcommittee of the House Committee on Oversight and Government Reform, XBRL US President and CEO Mark Bolgiano testified that XBRL can "provide citizens, government and investors consistent, comparable reporting on the existing pool of securitized assets, help regulators track the disbursement and use of TARP funds and enable more effective regulation by government."
According to the XBRL US Web site, Bolgiano told committee members the XML-based standard is already being used by several hundred firms that report to the Federal Deposit Insurance Corp. and all U.S. public companies will be using it to report to the Securities and Exchange Commission within the next few years. "XBRL is ready," he said. "And it's relevant to the issues in today's financial crisis."
Bolgiano's white paper on how XBRL can be used to help set the markets back in order can be downloaded here after a brief registration process.