XBRL and Meg Ryan

By: Ray Pellecchia

File Under: Miscellaneous

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I've ranted here now and again about how public companies should join the move to report their financial disclosures in an interactive data format (known as XBRL, or eXtensible Business Reporting Language) to make the information easier for investors to search and analyze online. More to come on that shortly: on Monday, the SEC is scheduled to decide on its plans for any requirements and timeline for public companies to file their financial statements in the format.

Disclosure: NYSE Euronext has been filing its own financial statements in XBRL, as a participant in the SEC's pilot program on interactive reporting.

If you thought I was all geeky-excited about this, I think my enthusiasm pales compares to that of Cate Long of the ShopYield blog, whose post on the subject brings to mind that Meg Ryan scene from "When Harry Met Sally." You know the one. Excerpt:

CFO.com is reporting that the SEC will vote on Monday whether to require public companies to make their financial statement filings in XBRL …

To the Commissioners … YES … YES … YES …

Although it’s often hard to communicate the benefits of data standardization it is so powerful… one can point to the use of hyper text markup language in the development of the Internet… who would have guessed the information hurricane that was unleashed…

Poor CFOs and IT folks will groan … one more mandate for their overworked departments… it’s true it will be more work… but the markets and public will benefit … for decades to come … YES … YES … YES …

Okaaaayyyy. Come on, Cate, tell us how you really feel! : )

Back here on the ground, I'm taking next week off -- or at least I'm supposed to, though the working world sometimes gets in the way -- so posting here will be at least lighter than usual. Be good and be well, my friends. A little shot of trivia before I go:

Today in NYSE History
18 April 1980 -- The NYSE's first female specialist, Amy W. Newkirk, is admitted to membership.

I continue to be blown away by that. Happy that it ever happened, completely ashamed that it didn't happen until 1980, 17 years after Muriel Siebert became the first woman member in 1967, which in itself was way, way too long in coming. Clubs become better places for opening their doors.