If XBRL is the new DNA, how will IR evolve?
We realize that the headline above reads like some kind of acronym MadLib, but for our clients in Investor Relations (the aforementioned “IR”), the question not only makes perfect sense, it’s much on their minds. Unfortunately, there’s no easy answer (even if you already know that “XBRL” stands for “Extensible Business Reporting Language,” that XBRL is a new coding language designed to consistently underlie all electronic financial reporting, and that XBRL will soon be required by the SEC). But just as DNA serves as a blueprint of what’s to come organically, XBRL can be seen as a blueprint of what’s to come electronically, of the future of Investor Relations and the role that the web will play in communications.
Of course, the web has been important in Investor Relations for some time now. But when the SEC came out with the 2007 Notice and Access rule on e-Proxies, there was a turning point—e-delivery is now the preferred means of IR communication. Having XBRL tags interwoven with all financial information is natural in this new era; it reflects the increasingly fundamental nature of web communication. In a sense, with XBRL code so intrinsic at the most basic level, IR information is born to end up on the web. And anything born for the web, is born to be interactive, built for two-way communication. Already we’re seeing forums and blogs added to yesterday’s databases and webcasts. What’s coming next? What else does XBRL point to?
Well, we don’t claim to have those answers. At least not precisely. But we can tell you that Big—Beatley Gravitt—has nearly 40 years experience helping IR clients stay on the leading edge of branding and communications. Because we’ve made IR communication a science. We observe, we make predictions, we test. And because we’re also experts in the art of communication, both online and off-, we come up with some pretty innovative solutions for our corporate and IR clients, which include Dollar Tree Stores, Owens & Minor, The Brink’s Company, and Capital One. So if you’d like to hear our take on today’s brave new world, just call our president, Ed Lacy, at 804.355.9151, or send him an email at ed@bigaddress.com.