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Survey: Despite Its Importance, XBRL a Mystery to Many Aug. 25, 2003 (SmartPros) XBRL has been called the most significant business technology since the electronic spreadsheet. However, many in the financial community do not know what it is, according to a recent online survey. The survey was developed and conducted by SmartPros, a Web site that services accounting and finance professionals, between August 7 and August 21. A total of 353 survey participants were asked, "Which of the following best describes your knowledge level of XBRL?" Their responses:
A meager three percent of respondents reported a "strong" understanding of eXtensible Business Reporting Language, an electronic format for simplifying the flow of financial statements, performance reports, accounting records, and other financial information between software programs.
But the overwhelming majority -- 69 percent -- admitted no knowledge of XBRL, despite the significant amount of press it has received in the financial world:
As a result of this online survey, SmartPros said it would create an online "XBRL primer" to educate its members on the topic. It will be a free resource offered this Fall through the SmartPros News & Insights newsletter.
2003 SmartPros Ltd. All rights reserved.
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