XBRL 'to become more prominent'

News Article - 04 January 2007
Category: Business

Financial reporting is likely to move towards a different model during 2007 as new reporting languages and technologies, such as XBRL, become more prominent, according to expert predictions.

According to forecasts by financial reporting specialists Cartesis, the biggest change in reporting will be a shift towards integrate planning and forecasting as a way of reporting, Accounting Web states.

In addition, the widespread adoption of XBRL will allow companies to provide deeper analysis. This, combined with fully integrated reporting, will help businesses to further their capabilities, the website indicates.

"2007 will be the year when UK businesses start to look at their actual business performance more objectively, not just because of external demands, but to get internal confidence," said James Fisher, from Cartesis.

Companies will need to be forward-looking and offer up accurate projections in order to secure board and stakeholder buy-ins, he stated.

Being aware of recent market trends would also help businesses to determine their futures and prepare themselves for the forthcoming year, Mr Fisher concluded.

According to business information provider Enterprise Systems, big four company PricewaterhouseCoopers is looking at ways of using XBRL in its core audit processes.

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