Financial Reporting 2.0 (my Internet dream)

by Erin McCune on January 4, 2009

in Financial Reporting

At BI for Business People Tom Hudock describes my Internet dream:

Here's an idea for those who can navigate Web 2.0, mashup, and BI. The SEC is requesting company filings via XBRL and making them freely available online.   What if BI was applied to analyze executive salaries across companies and industries. Or compare financial costs of employee salaries and benefits.

Data at your fingertips! Imagine the dynamic graphing. Goodbye Excel! It's just a matter of time. Once financial data is available for easy analysis via a browser will all those first year analysts at management consultancies be out of jobs? Mayor Bloomberg's namesake company might suffer as well.

One Response to “Financial Reporting 2.0 (my Internet dream)”

  1. Gary Purnhagen says:

    You are absolutely right. While it is no longer available, last year the SEC had a link on their XBRL pages to an “Executive Compensation Reader” that allowed the kind of data mining you spoke of for executive’s compensation of various companies. One demonstration I used was showing the compensation for the executives of a number of companies within an industry. The app allowed for bar charting. If you are interested, I’m sure you can find an article on it by Googling my name.
    In a few years we’ll all be amazed by how we can create and use information and wonder how we lived without XBRL.

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