Implementing XBRL Successfully by Mandate and Voluntarily.

The article focuses on the implementation of eXtensible Business Reporting Language (XBRL), which is becoming a standard means of electronically communicating information among businesses, banks, and regulators. On February 28, 2008, the European Parliament's Committee on Economic and Monetary Affairs adopted an opinion that promotes the use of new technology such as XBRL. In May 2008, the U.S. Securities and Exchange Commission (SEC) signaled its intent to require XBRL reports for compulsory financial reporting of companies. As stated in the XBRL 2.1 specification, XBRL allows software vendors, programmers, intermediaries in the preparation and distribution process, and end users who adopt it as a specification, to enhance the creation, and comparison of business reporting information.