Can XBRL GL help with US GAAP/IFRS convergence?
XBRL GL can foster convergence of US GAAP and IFRS for several reasons. The use of XBRL GL increases reporting transparency, provides for greater participation and collaboration in standard setting, and provides more exposure to business information, its underlying detail, and related standards. Because it can track multi-GAAP transactions and can accumulate information as it moves through a system, subsidiaries can continue to report using one standard while the other reporting standard can be added in parallel later in the consolidation process. Collectively, all of these benefits of XBRL GL facilitate the convergence of accounting standards.
Related Questions
- Is XBRL GL primarily about accounting information leading to the financial statement? Can XBRL GL help with operational reporting, benchmarking, balanced scorecard, etc.?
- We are considering using International Financial Reporting Standards (IFRS) for our consolidated reports. Can XBRL GL be helpful in migrating to that standard?
- Our subsidiaries operate in different countries with different GAAP/accounting rules. Can XBRL GL help us?
