UK ahead of US in XBRL stakes

News Article - 09 June 2009
Category: Business

The UK and other European countries are soaring past the US in terms of XBRL use, it has been claimed.

According to website FinancialWeek.com, adoption of the reporting language is moving at a much faster pace in Europe as well as Asia, while the US is lagging behind in the stakes.

Market commentator and XBRL expert Sunir Kapoor told the website: "They're way ahead of us. The biggest impediment [in the United States] is lack of awareness."

The website suggests that in the US, only between 40 and 50 firms have adopted the language voluntarily, despite the Securities and Exchange Commission implementing the system successfully.

Some years earlier the organisation considered using the language as a way of enabling professionals to analyse data from a variety of sources.

Meanwhile, in the UK, plans are being discussed as to whether the language should be made compulsory for all corporate tax filing in 2010.

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