News Article - 27 April 2007
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The accounting industry is failing to adequately inform businesses of the benefits of using XBRL, a study has shown.

Research in the US by accountancy firm Grant Thornton found that more than 85 per cent of chief finance officers felt that the industry had not made them aware of the benefits of using the computer language for both internal and external financial reporting.

In addition, more than 40 per cent of finance workers quizzed were unaware of the existence of XBRL.

Most respondents believed that the computer language would become compulsory for Securities and Exchange Commission filings, however, while national director of assurance innovation at Grant Thornton, Dan Roberts, said he welcomed the "increased amount of awareness and level of expectation".

Website EContentMag.com recently claimed that among the benefits of XBRL was the ability to be able to control information at its source and improve financial processes as well as enhancing records management.

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