Thursday, December 15, 2011

The XBRL World in 2012

Every year, the British news magazine The Economist publishes their annual "The World in xxxx" edition, where the 'xxxx' represents the coming year.  In this publication, they make predictions about the economic and political situations in the world in the short-term future.  Many times these predictions are decently accurate, though at times they are completely off the mark.  Nonetheless, they are entertaining to read as they combine academic reviews and strong hypotheses that allow readers to think critically about the present and the future.

Unfortunately, the "World in 2012" edition failed to make any predictions about eXtensible Business Reporting Language (XBRL).  But don't fret!  Here at CompSci, we have provided our opinions on some of the hottest topics in the industry today, and in the coming year.  Read on to see what two CompSci employees predict the new year will bring for the XBRL industry:

Thursday, December 1, 2011

Response to FEI's Open Letter to the SEC

By: Nathan Summers, Software Engineer
CompSci Resources, LLC

By now you've probably heard that the Committee on Corporate Reporting of Financial Executives International (FEI) has sent a high-profile letter to the SEC requesting that certain detailed tagging requirements be eliminated. It seems to me like the letter focuses on the pain of compliance as opposed to the benefits and increased transparency that can be gained through the use of eXtensible Business Reporting Language (XBRL). XBRL is still in its infancy and may not be as useful today as it will be when the body of XBRL data increases.  We should give the standard time to develop and grow before it is dismissed as simply a compliance burden.  

As I was reading through FEI's letter, I thought certain counterpoints ought to be considered in order to tell the full story of how detailed tagging can benefit investors (and therefore the companies they invest in).