In a recent edition of Financial Management Network, a monthly professional broadcast associated with SmartPros, Joseph Howell, co-founder and managing director at WebFilings, is featured discussing various aspects of XBRL. In this broadcast entitled "XBRL: Long Anticipated, Now Required," Howell shares:
- The importance of XBRL
- How to find the right XBRL tag
- His perspective on the future of XBRL
- The most common XBRL mistakes
- The steps you should take to avoid mistakes
Keeping your XBRL tags consistent across your industry is very important. Companies can do this by comparing tags with their competitors. This comparison can be done easily though the Wdesk free XBRL Taxonomy Analyzer.
Our Taxonomy Analyzer combines an intuitive search application and a hierarchical search function, with the added ability to simultaneously view the most recent SEC XBRL filings. This provides the best XBRL tagging visibility available in any application on the market. Through the Wdesk end-to-end External Reporting Solution with a built-in XBRL process, users are enabled to begin tagging their documents from the beginning. Howell concludes in saying, "The one thing to bear in mind about XBRL is that it will have a profound positive impact on all of our jobs; the way we do our jobs. It's going to help us get the information we want a lot faster, far more accurately, and ultimately a lot cheaper than we have it today."