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CGF Articles & Editorials

XBRL® FACILITATES STANDARDISED BUSINESS AND FINANCIAL REPORTING GLOBALLY (2018-04-16)

By Terrance M. Booysen (Director: CGF) and peer reviewed by Hennie Viljoen (CIPC: XBRL Programme Manager)

Standards affect almost every aspect of daily living.  They set a certain benchmark level of quality or attainment, and they may be used as a measure, norm or model in comparative evaluations.  Standards may also regulate social and societal interactions and they are most often used to manage and guide operations to ensure safety, quality and functionality.  In essence standards are as important as they are influential; and the wider the range of their adoption, the easier it is to achieve -- albeit initially -- a common level of quality and comparison.