Visiting the Securities and Exchange Commission’s (SEC’s) web site, I came across this 143-page PDF file, which deals with XBRL. As a gung-ho proponent of automation, I’m calling attention to it here to show that the head of the SEC (Mr. Christopher Cox) and I are on the same wavelength when it comes to promoting cost saving automations. Here is some interesting stuff from the PDF, together with my comments. Read the rest of this entry »

IFRS is an accounting standard dealing with global financial reporting. XBRL is an electronic language describing financial data according to global standards. This article describes why IFRS will displace GAAP in the US and the link between IFRS and XBRL. Read the rest of this entry »

GAAP, or Generally Accepted Accounting Principles, have long defined the standards for accounting and related practices in the US. GAAP ensures that companies can produce documents that auditors can verify according to standardized accounting practices. Read the rest of this entry »