1. Need for increased transparency in the global financial markets – Every pundit, from every political side, is championing the need for greater transparency in the US and world capital markets, to restore confidence in our markets and reduce the risk of repeating the economic crisis we’re presently experiencing. The new administration has also been advocating this, in addition to the need for increased financial regulation. Having them join the XBRL bandwagon should take little effort, if they understand how XBRL fits into this transparency equation. I believe it’s our job (the XBRL community) to help them understand this XBRL value proposition.

2. In line with your comment, “Empowering individual investors, however, is just one of the positives of XBRL adoption” – It might be necessary to put this concept into “Democratic Party speak.” Here’s my stab at spinning XBRL into one of their campaign themes – “Providing financial disclosure in XBRL format will help level the investing playing field and democratize the investing process” – The Democrats should be taking the lead in promoting XBRL, as its adoption will offer every investor access to richer and easier to use information, at their fingertips, exactly as they wish to see it. Access to this type of interactive data today is generally limited to the elite, professional investors who have the money to pay for externally created analytical reports, or build sophisticated tools to process it.

OR, in FDR Speak – XBRL gives the “forgotten man” access to the same type of interactive data available today only to the “moneychangers.”

In all seriousness, with all the challenging financial issues confronting our country today, having a bi-partisan bandwagon form to lead the SEC disclosure system into the 21st century should truly be a “no brainer!” As indicated in my opening statement, I believe it comes down to the need to educate our political leaders – be they Democrat or Republican – of the true advantages we’ll realize by adopting the SEC’s XBRL initiatives.

The SEC certainly has monumental work in front of them to help restore the world’s confidence in our country’s capital markets. One such action that can help, the proposal to mandate companies prepare financial information in XBRL format, is ready to launch.

Maybe FDR’s words are appropriate here as well. “Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now!” Adopting the XBRL mandate now, and getting bi-partisan support behind the SEC’s IDEA and 21st Century Disclosure projects will certainly be a step in the right direction.