Insertion of electronic tags into financial reports long after they are filed and the use of too many one-off ones have rendered XBRL nearly useless as an investment tool, a FASB member and accounting technology experts told an accounting conference.
Emerging technologies like Blockchain and the ability to store, organize, and retrieve financial data from cloud computing sites also threaten to supersede XBRL, the acronym for eXtensible Business Reporting Language.
The Securities and Exchange Commission in 2009 required use of XBRL as a way to electronically tag similar information in different financial reports so similar performance data could be analyzed ...
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