Remember Y2k? That event created a lot of jobs for computer programmers. As a matter of fact, there were a lot of Filipino computer professionals who were lucky to have landed some prestigious jobs in some of the Fortune 500 Corporations because of the Y2k opportunity. Will XBRL bring new opportunity for Filipino computer programmers? Or even more business process outsourcing to the Philippines?
It’s called XBRL.
What is XBRL? It’s called extensible business reporting language.
I just learned this today from one of the meetings I attended in the city, although it’s been rumored already since last month. What it is, is that, the United States – Securities and Exchange Commission will soon require public companies with the costly data-tagging job which according to them, will clarify financials.
If you’re working for a public company, they are required to file quarterly & yearly financials with the Securities and Exchange Commission, which forms part of their compliance reporting. Now, you can access these financial statements on EDGAR database of the Securities and Exchange Commission. They wanted these financials to be readily understandable and so therefore, they are trying to make way for an interactive data on public companies. Which is good really, especially if you’re an investor, a financial analyst trying to research certain company’s performance.
Now, SEC Chairman Christopher Cox has consistently suggested that a deadline for mandatory adoption is on its way. It’s just a question now of when.
This technology (supporters say) will make it easier for investors to analyze companies financial statements and save companies money in reducing errors in their statements. How effective is the XBRL format to most companies? It’s still unclear.
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