An XBRL Action Plan for CFOs

In a recent online survey of more than 260 Institute of Management Accountants (IMA) members:

• 86 percent of respondents say their organizations are unprepared to implement XBRL;
• 87 percent say their companies not currently offer XBRL training; and
• 84 percent of respondents consider themselves "novice" XBRL-ites; and
• 0 percent of respondents consider themselves "experts."

Survey results like these have been making the rounds for a while. Hopefully, they're motivating you to plan for the SEC's expected XBRL requirement, which should appear within the next couple of months.

Ajilon Finance Solutions Vice President Joyce Bastoli suggests that CFO and senior finance executives should "step back and implement some quick and easy steps to immediately get their team geared up for the impending XBRL challenge."

Specifically, she recommends a useful three-step response that finance functions can follow as a guideline:

1. Conduct a "perception audit:" find out what staffers know and need to learn about XBRL;
2. Launch a communications campaign: spread the word about what's happening with XBRL (the SEC's proposal, comments, likely decision dates, available taxonomies, case studies, information sources, etc.); and
3. Evaluate a training investment: "Think about investing in training," she advises, "whether it is through an outside vendor or sending one of your best employees out for training and then having them educate staff ... Expertise needs to be built and shared within your organization in order for your team to be fully prepared."