Avoiding transition problems to XBRL

When the SEC announced it was pulling the plug on EDGAR, I doubt many of you threw a party, except maybe in jest. In hindsight, EDGAR was an admirable first foray by the SEC into the brave new world of electronic reporting. The future appears to be XBRL, which will pose some challenges for all. Christopher Cox has said the SEC will soon decide how fast to mandate XBRL reports. But companies would be wise to start preparing now. Some companies, like PepsiCo and United Technologies, are already starting to play with the format. The SEC is planning a series of events to familiarize the corporate world with the formatting conventions. The benefits are many. So the sooner you get your company comfortable with this, the better off all will be. Consider it an opportunity.

For more on the SEC's plan:
- Here's an article from The News Tribune