ISACA and the IFAC's Professional Accountants in Business (PAIB) Committee have jointly developed a paper, 'Leveraging XBRL for Value in Organisations', to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.
XBRL is a universal language of business reporting that is increasingly being used for both external and internal reporting by organisations and is gaining traction worldwide.
"Understanding how to embed
XBRL within an organisation's information processes can enhance management communication, increasing the value of the information used within an enterprise", said Roger Debreceny, PhD, FCPA, CGEIT, member of ISACA and co-developer of the
XBRL paper. "ISACA collaborated with
IFAC to develop this paper to provide accounting and assurance professionals with guidance they can rely on from trusted sources to leverage value from
XBRL initiatives and compliance requirements."
"Many organisations have not yet realised how useful
XBRL can be for them; professional accountants in business can assist them in navigating and making the most of XBRL", said Roger Tabor, chair of IFAC's
PAIB Committee. "This paper can serve as a starting place to integrate
XBRL and help organisations leverage its value."
Press release
© IFAC
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