Intelligent Enterprise Magazine: No Need to Fear XBRL

Intelligent Enterprise Magazine: No Need to Fear XBRL: "Companies have been slow to adopt XBRL. One reason may be the distraction and burden of Sarbanes-Oxley compliance. We noted another reason several weeks ago: Some companies are afraid it will be a back door to regulating the structure of corporate charts of accounts into a single model, something that we believe is a very bad idea. Since then we have learned that the SEC, the ultimate arbiter in this case, is opposed to a single chart of accounts structure for U.S. public companies. Gary Booth, CIO of the SEC, recently stated in a speech that the 'guiding principle I think the SEC should continue to pursue is to make sure registrants continue to have as much flexibility in the presentation of their financial statements as they currently do under U.S. GAAP accounting.' "