In a national survey of CFO's and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, only 59% of CFO's aware of XBRL, but half believe it will be a mandatory SEC filing format.
"It's good to see that there is an increased amount of awareness and level of expectation," said Dan Roberts, immediate past-chair of the XBRL-US Steering Committee and the national director of assurance innovation at Grant Thornton.
Key XBRL findings:
Are you aware of eXtensible Business Reporting Language (XBRL), the new standard for tagged business information?
- Yes - 59.70 %
- No - 40.30 %
Has the accounting industry adequately communicated the benefits of XBRL for internal as well as external financial reporting?
- Yes - 13.43 %
- No - 85.07 %
Do you think Chairman Cox's focus on Interactive Data (the SEC's code word for XBRL) will result in XBRL becoming a mandatory format for SEC filings?
- Yes - 50.75 %
- No - 39.55 %