XBRL to help cut costs

News Article - 04 February 2012
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Users of XBRL may find that their business operations become more cost-effective in the long-term thanks to the computer language, it has been claimed.

According to Microsoft's corporate vice president and chief accounting officer, Frank Brod, XBRL ensures that consumers of financial data can find real-time, relevant financial results.

"One additional benefit for tagging Microsoft information is that we control the aggregation or presentation of what is tagged rather than the data aggregators that analysts rely on today," he added.

Over time, using interactive data as part of XBRL would help cut costs, Mr Brod suggested.

Future benefits also stand to be achieved, such as business efficiencies, through the mapping of accounting to acquisitions and simply integrated control monitoring tools with little customisation, he stated.

Financial Director recently reported that the method of tagging financial data through XBRL was becoming increasingly important and its use may become mandatory in the US by 2010.

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