The following is an extract from Digital reporting: a progress report, an initiative from the Institute of
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Technology is unlikely to be the barrier . . . The barrier, if any, will arise from organisations being unwilling to provide the necessary level of access or information to external users. In addition, issues relating to systems security, particularly control of access to programs and data, would need to be further addressed, as would questions of liability and assurance. The latter two are potentially very big issues indeed.
Whilst there has been major progress by regulators in the US, Australia and the Netherlands, an ICAEW and University of Birmingham (ISARG) Workshop on 25th January 2011 titled 'The future of XBRL in Europe: Impetus, institutions and interrelationships' http://www.icaew.com/~/media/Files/About-ICAEW/What-we-do/thought-leadership/the-future-of-xbrl-in-europe-final-summaryfor- release.pdf explored the future of XBRL in Europe and contrasted the US and Pan European drivers:
Pan European development
The U.S. SEC project provides a model of the effectiveness of visionary leadership from the top of a regulatory body to achieve a relatively rapid mandatory implementation. As a model for pan European developments it is limited because of the significantly different institutional environment, goals and processes. It does however raise important questions for consideration. The SEC's stated target market was retail (non-professional) investors in line with its mandate. What could be the focus of the driver for developments in Europe? The SEC was also under pressure to review a significant portion of filings under the Sarbanes Oxley Act that provided a strong internal driver for more efficient processing internally.
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Review the two sources and discuss what equivalent pressures member states are experiencing.
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Related Book For
Financial Accounting and Reporting
ISBN: 978-1292080505
17th edition
Authors: Barry Elliott, Jamie Elliott
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