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XBRL-Enabled

Better hurry. Within five years, analysts expect it to become the reporting standard

By Susan Kelly | Updated on November 01, 2003

Federal bank regulators currently take 10 to 15 days to make public the quarterly financial data they collect from about 8,400 banks. They’d like to get that turnaround time down to a single day, and in June, the Federal Deposit Insurance Corp. initiated a $39 million project to make that happen.

The FDIC’s proposed solution: XBRL, or eXtensible Business Reporting Language, which tags data so that it can be re-flowed into different formats without re-keying and thus without the risk of errors associated with re-keying. And now that the FDIC has discovered XBRL, analysts see it as only a matter of time before Corporate America begins to embrace this new mark-up language for financial reporting.

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