During the meeting, I first got my hands on a copy of XBRL for dummies, and since the book kindly features this blog (so, it's got to be a really good book, right?), I thought I'd return the favour!
Thursday, December 13, 2007
XBRL for dummies
Today, the first meeting of the XAC, the XBRL Advisory Council to the IASCF took place in London. It was a very interesting kick-off meeting, indeed! To use an IT metaphor, I like to think of Accounting Standard Setting as constructing the Operating System that the economy works on. A principles based system such as IFRS can rely on a certain degree of fuzziness and the human factor when preparers and auditors apply the standards. But when this fuzziness actually is being translated into code, then a lot of nitty-gritty stuff appears.