XBRL US Posts Testimony on Using Technology to Address Credit Crisis

XBRL US produced a remarkable 29-page document explaining how adoption of an industry standard computer language could expedite economic recovery. The organization’s CEO, Mark Bolgiano, presented it to Congress at a hearing today. Also today, XBRL US posted for comment a 20-page white paper entitled “Bringing Transparency to the Mortgage-backed Securities Market.” Let’s hope the comment process is even faster and more efficient than the exemplary process they used for more than 10,000 U.S. GAAP tags. Given that experience, six months already invested in the project, and the smaller scope of this new work, it should reach fruition quickly. My only comment is that the schedule in the white paper seems rather leisurely. This should move much faster, not slower, than GAAP. Full Disclosure: Hoping to supplement my current ranching career, I’m long SER (speedy economic recovery).