Quick Links
Advertise with Sarbanes Oxley Compliance Journal


Editor's Bookshelf


< Back


Sarbanes Oxley : Technology : XBRL

XBRL for Dummies
A Reference for the Rest of Us

Author: Dr. Wilson So
ISBN: 978-0-470-22874-6
Publisher: Wiley Publishing

With the recent mandate by the Securities and Exchange Commission regarding the application of XBRL, knowing how to use this business reporting language is now a primary business imperative.   Fortunately, “XBRL for Dummies” written by Hitachi XBRL experts Peter Weverka and Wilson So, Ph. D.  packs in the information that financial professionals need to understand and know relating to XBRL and its deployment in today’s SEC-mandated financial reporting environment.

Companies such as PriceWaterhouseCoopers LLC, Merrill Corp., and WACOAL, are adopting XBRL; however, general understanding of XBRL is far less common.   In fact, a study last year by Grant Thornton LLP revealed that nearly one-half of senior finance executives are not aware of XBRL and nine in 10 believed that the accounting profession had not adequately communicated the benefits of XBRL for internal and external financial reporting.

“XBRL for Dummies,” an 84-page book was designed to bring financial executives up-to-speed quickly and easily.

“While XBRL is now being adopted primarily for financial reporting, powerful forces such as globalization, transparency, and competition are accelerating the trend towards its everyday use in overall company activities, such as manufacturing, procurement, sales, and human resources,” asserts Dr. So, director for Hitachi America, Ltd. XBRL Business Unit.

To help businesspeople better understand its utility, the following parallels simply put XBRL into perspective:

Reason #1: It’s the Napster of Investing. XBRL will make it just as easy for anyone to download information about public companies in a form they can immediately use.

Reason #2: It’s Interactive Data. SEC Chairman Christopher Cox is quite fond of all of the things that you can make the numbers in a financial statement do with XBRL codes.

Reason #3: It's the Democratization of Information. XBRL puts business information in the hands of individual investors. Now anyone can have instant access to accurate information and comparative analyses that previously only sophisticated research specialists could access.

Reason #4: It's an Information Medium. XBRL is a medium of information exchange.

Reason #5: It's the Universal Language of Business Information. There are many reporting languages, but XBRL speaks the same language to everyone.

Reason #6: It's Standardized Business Information. Today, you have to unload and reload financial information from different sets of financial statements, different accounting systems, and different computer systems. XBRL makes all that unnecessary.

Reason #7: It's Mistake Proof Information. XBRL is mistake proof because it allows you to pass information back and forth without any loss of accuracy or context.

Reason #8: It's Agnostic Information. Just like XML, which is its parent language, it's happy to work with any platform or proprietary format.

Reason #9: It's Barcoding for Information. XBRL lets preparers and users of financial information move numbers from place to place and track them wherever they go.

Reason #10: It's an Information Recycling Method. The same number can be put to many different uses, over and over again.

Reason #11: It's Information Reverse-Engineering. You can start with a big number like revenues, and take it apart to find out what it's made of.

Copies of the book are only available online by visiting https://store.nationalmailing.com/xbrl/default.php?order.  Each copy is free of charge; however, there is a small charge for postage and handling.





Book Review:
Dr. Wilson So
Director
Hitachi America

Wilson So is the Director of Hitachi America, Ltd. XBRL Business Unit, introducing Hitachi's XBRL products and consulting services to both the commercial and government sectors and actively contributing to XBRL thought leadership. Prior to his current role, Wilson led Hitachi's technology marketing effort in North America for next-generation data center technology, ubiquitous computing, and IP internetworking.

Before Hitachi, he worked for General Dynamics Canada as a R&D manager and was one of the founding team members to develop the world's first-ever-fielded land mine detection robot.











About Us Editorial

© 2017 Simplex Knowledge Company. All Rights Reserved.   |   TERMS OF USE  |   PRIVACY POLICY