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TITAN Technology Partners and BPM Survey Reveals Companies Possess Limited Knowledge and Lack Progress Towards Complying with U.S. SEC XBRL Financial Disclosure Mandate
CHARLOTTE, NC - (October 6, 2008) - TITAN Technology Partners, a global provider of consulting and outsourced industry solutions, in conjunction with Business Performance Management (BPM), announced the results of its survey on eXtensible Business Reporting Language (XBRL) today to measure the progress companies are making after recent U.S. Securities and Exchange Commission (SEC) Announcements regarding the completion of XBRL taxonomy for U.S. GAAP.
The investigative survey was undertaken as a result of the May 14, 2008, U.S. Securities and Exchange Commission (SEC) proposed the use of eXtensible Business Reporting Language (XBRL) for financial disclosure, beginning in 2009 for the largest companies, and by 2011 for all public companies.
The overwhelming majority of 196 organizations surveyed has not discussed XBRL implementation or are unaware of any internal company discussion of XBRL. The survey found only 7% of respondents consider themselves very familiar with this SEC mandate, and only one percent had already implemented XBRL for financial disclosure reporting. 81% have little or no knowledge of XBRL, and another 29% have discussed XBRL implementation.
Companies consider the most significant obstacles to using XBRL, the implementation of new procedures, and the time and effort to learn about XBRL. A third of respondents believe that XBRL would improve their companies™ ability to analyze financial information, but about half are unsure what effect implementation would have.
"The survey results show actions to comply with the SEC mandate are moving significantly slower than required," stated Andrew Jorgensen, SVP of TITAN Technology Partners Enterprise Performance Management practice. "With limited familiarity with XBRL, organizations will need outside assistance to make the required transition to XBRL as speedy and cost-effective as possible."
In response to the SEC's announcement and companies' minimal knowledge of XBRL, TITAN has developed a quick, easy, and affordable way to implement XBRL into an organization's financial reporting process while eliminating the learning curve companies will face to meet anticipated SEC deadlines by accelerating XBRL implementation without undergoing additional expenses like in-house training. The taxonomies are based on all current XBRL 2.1 standards and include IFRS, US GAAP, UK GAAP, as well as several others. There is also full support for Financial Reporting Taxonomy Architecture (FRTA) 1.0.and Financial Reporting Instance Standards (FRIS) 1.0.
About the XBRL Survey
The Investigation was conducted exclusively for BPM on behalf of TITAN Technology Partners. The methodology, data collection, and analysis were completed by Penton Research to conform to accepted marketing research methods, practices, and procedures. The investigation looked at the familiarity with and use of XBRL, examined the current tools used to analyze financial data, and analyzed obstacles and costs associated with XBRL. To learn more about the U.S. SEC mandates on XBRL and Interactive Data go to http://www.sec.gov/spotlight/xbrl/xbrl-news.shtml#2008
About TITAN Technology Partners
TITAN Technology Partners is a global provider of consulting and outsourced industry solutions.
About Business Performance Management (BPM)
Business Performance Management (BPM) is a Penton Media Publication. Business performance management is a set of management and analytic processes, supported by technology, that enable businesses to define strategic goals and then measure and manage performance against those goals. Core BPM processes include financial and operational planning, consolidation and reporting, business modeling, analysis, and monitoring of key performance indicators linked to strategy.
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