The infamous data-tagging financial software XBRL (eXtensible Business Reporting Language) hit many sides of the wall since its introduction in 1998 and became famous at the early years of 00s' to the middle. While there may be debates on this 'minor inconvenience' which includes changes in standardized formats and templates, this invariably saves time and allows automated comparison with quick look-up functions for their filing.
Imagine this similar scenario - In Malaysia, our "limited" company is called "Sendirian Berhad"; in Singapore it's called "Private Limited"; in Thailand it's called "Company Limited" and so forth.
This is the plan - Worldwide accounting standards are to be standardized by the end of 2012. In which it literally means, my 'limited liability' is also your 'limited liability'. Should worldwide accounting standards join hands and create a single resolution to all the technical jargon of accounting, XBRL could prove to be an efficient tool, whether it's used for taxonomy or just basic management reporting for your AGM.
One notable point about XBRL is its real-time data sharing and tagging - Where performance reports for the most important metrics can be shared among internal networks, evaluated and crucial decisions made immediately rather than waiting for a long period of time to digest every piece of data in a single pictured, formatted table.
Companies should take into consideration this minor change - Forget spreadsheets and push-export reporting, get it real-time, live and in-action. If there's a missed variable or weird close of report, the matter can be handled immediately. It's like expecting the mailman to send a bulk of your mail everyday to you in a go - Regardless of what time it's sent. As compared to real-time send/receive.
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An emerging pioneer from the big five in the company, KLM's management style, methodology and business concept has brought forth revolutionary influence in both the Accounting industry Asia-wide. Find out more of their professional services at http://www.klmanagement.com.my/category/corporate-services/.