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XBRL white paper: Modernizing business reporting

The AICPA’s Assurance Services Executive Committee’s (ASEC) new white paper, The Shifting Paradigm in Business Reporting and Oversight, addresses how transparency in financial reporting is improved through the use of XBRL and enhanced business reporting that takes into account non-financial factors advancing a company’s value.

The paper is intended to build awareness of trends and opportunities, and lay out a plan that supports the sustainability of the CPA profession in a shifting world.

ASEC created the white paper to assert that both private and public companies would benefit by adopting XBRL and enhanced business reporting. XBRL, a key enabler of an enhanced business reporting model, has been embraced by the SEC, which is expected to mandate it for public filings.

CPAs will be interested in the paper’s review of significant trends that give rise to emerging reporting and assurance needs. The paper explores the forces of change – such as globalization, advances in technology, market reaction and new social structures – impacting the current state of reporting and assurance.

The white paper outlines the efforts already under way around the world to improve the quality, transparency and relevance of reported information. But, the paper notes, key milestones still need to be addressed and the respective roles and responsibilities of corporate reporting participants defined to complete the shift toward enhanced business reporting.

More information about XBRL and EBR may be found at http://www.xbrl.us/ and http://www.ebr360.org/.

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