Will XBRL filings really provide value?
As we get ready to tag our financials for 2011, I wonder if the SEC's initiative will really help the analyst and investor community. A quote from a CFO.com article from a few years ago:
"If more companies filed SEC documents using XBRL, analysts would be able to spend less time on data collection and would be likely to "expand buy- and sell-side coverage," said panelist Trevor Harris, vice chairman of client services at Morgan Stanley. Christopher Whalen, managing director of consultancy Institutional Risk Analytics, agreed that XBRL opens up the possibility of more coverage of smaller companies."
Is this true now as more companies begin to file with XBRL? Do you use XBRL filings?
Interesting you should ask about users of XBRL from the SEC. I was having just this conversation with an analyst yesterday. His view is that the smaller cap companies are simply being ignored, by other analysts and by the data providers (from a data quality point of view). He is looking forward to completion of the first round of filings in XBRL by the non-accelerated filers in August 2011.
"Data direct from the filers, hopefully error free, and free from the SEC. This will prove or disprove the 'value' of XBRL"
So in summary - I think it is a little early to answer the question, but the time is coming.
Daniel Roberts Innovation, Strategy, Governance, XBRL and Sustainability
E-mail: [email protected]
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