Contribute. Borrow. Deploy: WikiAccounts for XBRL GL Adoption
The promise of XBRL to streamline all corporate internal and external business reporting — yielding huge benefits in cost-cutting, efficiency, and error reduction — has always been widely recognized. As XBRL rapidly becomes the global standard for regulatory reporting by governments, the case for extending its use to all corporate information — not only in the financial realm, but sales, manufacturing, human resources as well — has become compelling.
The advantages of a standards-based architecture that XBRL offers over traditional ERP systems can be seen in sharp relief; yet its use for processing and integrating management information has stalled. If the benefits of XBRL for internal reporting are so enormous and so obvious, why have companies been so slow to adopt it for their information systems?
One major stumbling block is that deployment requires each business to create much “content” —libraries of standardized mappings, controls, validation rules, and visualization templates – designed to perform the activities required to support data-related processes in an application-independent format. This content is usually embedded in proprietary applications and there fore difficult to reuse. The creation of these repositories will enable the standardization of content that will ease the deployment and transition to new software packages.