Discovering the added value of XBRL
Professor Monika Kovarova-Simecek, Academic Director Economic and Financial Communications at the St. Pölten University of Applied Sciences, recently shared her thoughts on XBRL’s role in the digital transformation of financial reporting.
Professor Kovarova-Simecek sees the implementation of XBRL technology not as a project, but rather as change that can help us rethink reporting as a whole, challenging existing processes.
She notes that ‘without XBRL, there will be no truly digital processing of financial data, no automation of reporting processes, no AI in financial contexts. Wanting digitisation without digital formats is wanting light without electricity, cables and light switches.’
We are inclined to agree – XBRL tagging and the standardisation of digital data is the bedrock of so many other innovative technologies. While the implementation process is relatively simple, and the information gathered relatively similar to paper-based reporting, XBRL enables a complete transformation of what we can do with that data.
Read more here.
