"Too Many Taxonomies"

PwC pilots XBRL project - Financial Director: "PwC pilots XBRL project

Kevin Reed, Accountancy Age 20 Jul 2005

Irish stats body takes the lead in using XBRL, with PwC and Fujitsu on hand to help out

PwC and Fujitsu have worked on a pilot project to introduce controversial financial reporting language XBRL into one of the Irish Central Statistics Office's quarterly industry surveys.

The project was the first live implementation of XBRL in Ireland.

XBRL is used to 'tag' financial data, allowing the data to be easily understood, transmitted and viewed by stakeholders.

However, both the Inland Revenue and FSA have suspended their schemes to require businesses to file information in the XBRL format until its benefits can be fully realised.

Industry commentators have said that too many taxonomies have been created within XBRL, making it too complicated, time-consuming and costly for companies to use in its current guise...."