XBRL standards body stokes worry

Most people think XBRL is a pretty good idea. But not everyone thinks the tag standards should be set by XBRL US, a non-profit group comprising top accounting firms KPMG, PricewaterhouseCoopers, Ernst & Young, Deloitte & Touche and Grant Thornton. One fear, as noted by Financial Week, is that the standards organization will someday start selling more consulting services, which could create the impression of a conflict of interest. XBRL US says it will limit the services it offers and will not compete with its members. Another fear is that the powerhouse audit firms will be able to unduly affect the evolution of the data tags via XBRL US in ways that will benefit their consulting businesses. I do not think any of this is a showstopper. But XBRL US would be wise to take proactive steps to deal with any misunderstandings now. In May, the SEC proposed that large companies begin complying as early as 2009.  

For more:
- here's the Financial Week article

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