IFRS and XBRL

Relevant. trustworthy, comparable, timely and understandable financial and business information is the lifeblood of effective capital markets and of efficient allocation of capital across companies, industries, countries and the global financial system. It is also critical to sound decision making and operational management within individual companies and enterprises within both the private and public sectors. Thus, the quest to improve the quality, timeliness and overall usefulness of such information is an important ingredient in promoting strong and vibrant companies, sound financial systems, and to achieving economic growth and rising living standards at both the national and international levels.

In that regard, this book explains important aspects of that quest. Building upon the foundations of recent achievements relating to the growing use of IFRS and of technology in financial reporting, the authors provide insights and ideas on potential avenues for further significant advancements and the actions and resources needed to achieve them. As suggested by the title, the book provides a blueprint of changes that the authors believe are both possible and necessary to transforming corporate reporting.

As one who has devoted a significant part of my career and life to such efforts, I applaud the authors for their constructive and valuable contributions to the quest and hope that readers of this book will find it both interesting and thought provoking.--Robert H. Herz, CPA, FCA,Former Chairman, Financial Accounting Standards Board (FASB)