XBRL GL Framework Making Inroads
The XBRL GL Framework is coming into increased use around the world, including in Turkey, Indonesia, the US and Brazil, as a way to standardize the reporting of financial and business information within an organisation or throughout a supply chain at a transactional level. It is a powerful tool that can be used by management accountants and others to capture, archive, transmit and aggregate all of the information contained in the original ledgers, as well as what’s in the general ledger, journal entries etc. for use in external reporting, internal reporting or for ERP and audit applications.
A recent article in Strategic Finance Online gives a comprehensive overview of the XBRL GL Framework and how it can be used for internal reporting. For a case study on how XBRL GL is being used in Brazil to collect data for an annual report of the financial and budgetary statements that show the economic condition of the Brazilian Federation, click here. You can also access a wide range of technical materials about XBRL GL from the XII Spec site.