IBM seeks global reporting standard optimized for risk

It seems that XBRL will be a reality; it's just a matter of when. While it looked like the transition was imminent not so long ago, it's a bit fuzzy today with so much going on with the credit crunch at the regulatory level. But IBM sees an opportunity here: It has proposed a system that would piggy back XBRL and create a taxonomy optimized to financial risk, reports CNET. 

The goal would be to have all companies tag certain data in ways that would be meaningful in identifying not only specific company risks but also industry-wide risks. The IBM Data Governance Council is seeking ideas now. The insurance industry stands as an example of what might be done; it pools risk data to create an industry-wide picture. We'll have to see if this initiative has legs, but it's a good idea on the surface. In late February, the idea will be broached by the council, the SEC, the other industry groups.

For more:
- here's a CNET article

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