Trust. It’s one of the most important considerations when hiring a guide to lead a challenging mountain climb. The same is true with developing standards. Only a specialist with the right skillset and experience can help build a good quality taxonomy or XBRL instance document. Find the right people through XBRL Achievements.
Learning about your own background — the good, the bad, and the ugly — can be interesting. But for investors and for companies doing business with other corporate partners, understanding the “ancestry” of the companies in which they invest or do business, can be critical.
Accountants are sticklers for checking their work. They rely on disclosure and accounting checklists, and now on Data Quality Rules to catch errors in their XBRL financials. The XBRL US Data Quality Committee also performs periodic checks on their own work, and have proof that their rules and guidance are improving the accuracy of corporate XBRL financials.
Reporting supply chain participants – public company personnel and partners, regulators, analysts and researchers – know the value of telling a company’s story with standardized data. And now, XBRL Achievements are showing up on LinkedIn and other professional/social networking platforms to let colleagues and other professionals know who sets and keeps the pace in a transformed reporting environment.
The XBRL standard is a free, open, non-proprietary, financial data standard, developed and maintained by a global, not-for-profit standards body. Free and open standards are critical for governments and businesses looking to adopt a standard.