Pressure is not a new concept to the board and management of any company. And the burden is substantially increased by a poor economic climate coupled with ever-increasing demand for financial reporting that not only demonstrates data integrity but also provides transparent and usable information.
Digital reporting, and XBRL in particular, cannot relieve all the resulting stress, but it is already demonstrating the potential to deliver benefits to many of the producers and users of business information. To understand this potential, consider demands that come from
All corporate stakeholders will be affected in different ways by the introduction of digital reporting. Some effects are generic, such as the potential for real-time reporting and the ability to make comparisons, aggregate or consolidate, extrapolate trends, or simply analyze for exceptions and differentiators. Others, which may well represent the real drivers in the short term, provide solutions or partial solutions to issues specific to particular groups of stakeholders. Click on the links in the graphic to explore these stakeholders more closely.
Many other pressures faced by companies today come from inside the organization. Some areas in which digital reporting can make a substantial impact are included in the lower portion of the graphic. Click on the links in the graphic to explore them more closely.