Auditors evaluate the reasonableness of client projections such as future revenue growth, profitability and capital expenditure requirements. To evaluate the reasonableness of these projections, BDO USA, LLP often looks at data from similar companies within the same industry. XBRL allowed them to perform a more robust analysis with more companies over a significantly shorter time period.
Auditors evaluate the reasonableness of client projections such as future revenue growth, profitability and capital expenditure requirements. To evaluate the reasonableness of these projections, BDO USA, LLP often looks at data from similar companies within the same industry. XBRL allowed them to perform a more robust analysis with more companies over a significantly shorter time period.
Global investment research and investment management firm Morningstar has been able to reduce processing time by 90% versus processing HTML and PDF processing, which can take 20 – 30 minutes per filing.
Student-run investment fund at California State University – Northridge gained access to affordable, more timely data through XBRL. Professor Mike Phillips noted “By using XBRL data, students added 100 basis points per year to the returns on their portfolio.”
Research analysts at Accounting Observer saved 72 hours off data collection time when analyzing unremitted foreign earnings for Fortune 500 companies, compared to their process using traditional datasets.
Research Analysts || Third-party Data Providers || Auditors || Students to name a few … it’s probably time you got involved, too.
The national consortium for
the business reporting standard
