A document that provides guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation has been published.

ISACA, the provider of certifications, and education on information systems (IS) security and IT-related risk and compliance, has developed the paper jointly with the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) committee.

The paper, Leveraging XBRL for Value in Organisations, is aimed at providing accounting and assurance professionals with guidance they can rely on from trusted sources to leverage value from XBRL initiatives and compliance requirements.

XBRL is a universal language of business reporting that is increasingly being used for both external and internal reporting by organisations and is gaining traction worldwide.

Roger Debreceny, member of ISACA and co-developer of the XBRL paper, said: “Understanding how to embed XBRL within an organization’s information processes can enhance management communication, increasing the value of the information used within an enterprise.”

According to Roger Tabor, chair of IFAC’s PAIB committee, many organisations have not yet realized how useful XBRL can be for them.

He said: “Professional accountants in business can assist them in navigating and making the most of XBRL.

“This paper can serve as a starting place to integrate XBRL and help organisations leverage its value.”

Source: IWR