Gary Wright, Managing Director of CityCompass Research and creator of the unique business benchmarking concept, which examined XBRL, determining how it can be of value for all types of financial services businesses, as well as meeting European regulatory requirements of electronic reporting said âThe CityCompass Research analyst worked with some of the worlds leading experts concerning XBRL and focussed on the leading software supplier to measure tangible business returns, if XBRL is implemented.
The findings of the report also show that the FSA has damaged the market perception of XBRL within many financial services firms. The opinion expressed in the report shows some serious concerns about the FSAâs project management in completing their own XBRL project.
Public statements made by senior officers at the FSA apparently backtracking from XBRL, have caused many Financial Services firms to doubt, prevent or stop their XBRL projects.
It is rather confusing for the market if one of the leading structure organisations appears unable to implement its own project. It is unclear if the looming MiFID requirements at the FSA took over dominance and devalued the XBRL project.
However, it is clear that the FSA have caused a loss of confidence in the XBRL market place and at a time when the SEC in New York are beginning their voluntary XBRL reporting project and the European Commission has stated its desire for implementation of electronic reporting standards within the EU."