Document Management News Articles from Pearl Scan Solutions
Public companies to file all financial statements in XBRL
Date: 03/07/2008
Recent news that will make accountants lives a lot easier in the US is the enforcement of the file format known as XBRL. This format is a file type that will be used mainly for accounts statements and a regulation will be enforced that all financial statements have to be filed in XBRL format in the next 3 or 4 years.
This will mean busier times for these companies as it involves a lot more converting and organising than previously required. The format allows anyone such as a private investor or stock analyst to easily download the data and is another step forward in document management and file sharing.
Consultants and accountants are looking forward to the change and fully supporting the format, they say it will make it easier for investors to read and compare the companies’ financial statements. This will also mean a lot more work brought in for accountants from companies but a lot more concerns for the public companies which already had to put in a lot of work to comply with a previous Governance law passed in 2002 and now with the economy slowing it adds a little extra strain to the business process. The companies will feel that having dealt with one requirement that affected workflow they are being hit with another straight after recovery.
With document management playing a big part in accountancy processes there are always ongoing changes and technologies which are assisting their paper heavy workflow. More accountants are using the aid of document scanning and document management to digitize files and keep things organised, using XBRL for company statements will add a new level of paperless convenience to their assessments.
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