Taxonomies and Tagging – Are They The Same?

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Taxonomies and Corporate Data
Still, I think user tagging is key… but… this is important as well. Check out this great information from Tom:

"About 6 years ago I first became aware of a movement, spearheaded by the American Institute of CPAs, to create an XML taxonomy for all accounting information so that individual transactions could be tagged and then aggregated for reporting and analysis. The SEC and all the major accounting and database software companies, including Microsoft and Oracle, signed on to the development of this language, which is now known as XBRL (extensible business reporting language).

What once was a US initiative has moved to the global marketplace.

XBRL is currently a voluntary EDGAR filing option for SEC reporting companies, but as its incorporation into corporate data stores becomes more pervasive the SEC will require it for electronic filing. The requirement to report using XBRL is more advanced in the EU and in other G8 countries.

There is a ton of information about this language and its uses at http://xbrl.org."

Now, how would you go about providing user-level tagging and have it mean something? I mean, what one person tags it as is different from what another tags it as… or, perhaps, that’s the point. Stand back and think about the systems your users have in place. Put the reports online, make it all electronic. Now that it’s all there, what happens to the usefulness of that data if they can categorize and tag it as they want to — and share that organization with, and merge it with, others.

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