For several years already, the idea of XBRL worried me. I was not quite sure what it was until I was reading an article about the history of accounting standards. The accounting development was based on providing greater standardization - so that people could compare different companies between each other.
Does not it sound similar to XBRL - apply tags and everybody understands what's going on?
Anyway, now all the accounting is in footnotes, and I can understand that because intangible value, for example, cannot be well represented through the means of GAAP.
Now to XBRL..... if we have all perfect standardized tags, we lose company's value because I do not think we can explain all companies with standard tools. Add footnotes to XBRL (SEC was talking about allowing text fields in there) and we lose the value behind the idea of XBRL - having easy-to-understand standardized descriptions of companies.
Anyway, this calls for more thinking (there is a reason it is not a required procedure yet)!