In case you didn't know, XBRL (eXtensible Business Reporting Language)is an XML based language purposed with the ease of transmission of financial data. Additionally, this video gives a nice little introduction:
So far over 60 companies have produced XBRL statements (SEC rule) and there are over 400 more on the way this summer. I've been looking for evidence of problems but have found very little. This is very encouraging news. XBRL is on pace to become ubiquitous in the investment community and I hope investors begin to make use of the technology.
At Target 3, we are very supportive of the XBRL initiative and have partners with XBRL expertise to provide our clients with any additional support they may need.
It will be interesting to see what the effect of the XBRL conversion will be. My hope is that XBRL allows investors to better differentiate between similar companies and as a result more deserving small caps will get a noticeable long term bump relative to peers.
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