Experts in iXBRL and Application Integration
XBRL down under 11/20/2009
 
Multi-nationals are slowly realising that the introduction of a global standard will have an effect on their business even in a market that hasn't yet adopted iXBRL or even XBRL.  In our recent discussions with the Australian Treasury's SBR (Standard Business Reporting) team , it was revealed that  those Australian companies who have offices in countries that already have XBRL are already affected despite the mother office being in Australia.   Australian companies with subsidiaries in the UK will need to comply in iXBRL, whilst the Australian one adopts the Australian taxonomy.  Even in a global standard, cultural differences however will apply.  The SBR group estimate  around 50 companies will be impacted by this fast tracking.
That's not to say that the Treasury aren't ready; they are.  Like most government bodies around the globe they are keen to have early adopters and have gone to extraordinary lengths to provide software vendors with pre-built SDKs (software development kits).  They're leaving the mapping of the files to the software vendors, but they have a strong tradition in electronic filing and have a firm desire to evangelise about the merits of machine to machine automated communication.  But because the standard isn't mandatory yet (a date hasn't even been suggested), most companies are deferring the requirement on grounds of cost vs necessity, or just waiting to see how the market reacts.
We did find some visonaries who are looking beyond the first phases of the standard.  Leading Business Intelligence software vendors are discussing their role once XBRL is adopted globally.  There'll be new requirement to slice and dice data from multiple entities, a job made easier by an agreed semantic definition in xbrl when you can compare "apples with apples".

 


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