There’s no precise data yet on the overall costs associated with implementing XBRL, but companies that have been at it for a while are starting to feel the sting of redundancy in submitting data to the Securities and Exchange Commission in both XBRL and HTML formats.

Even strong supporters of XBRL are getting worried about the pace of adoption on a broader scale. Sophisticated analysts aren’t yet making robust use of XBRL-submitted data, with many saying they are waiting for the system to provide fully comparable data among all companies before digging in. And many companies that are using XBRL as mandated by the SEC haven’t yet looked past the tagging process long enough to realize its considerable benefits beyond the submission of financial statements.

Companies that are using XBRL and see its potential are eager for the platform to emerge past its growing pains. They are calculating the cost of submitting their financial data in two completely separate formats to accommodate dual reporting regimes. Some are frustrated by naysayers, like the Financial Executives International’s Committee on Corporate Reporting, who are telling the SEC to curtail or halt XBRL adoption. CCR sent an unsolicited comment letter to the SEC asking that companies be allowed additional time to complete the filing, and that they be permitted to do less detailed tagging.

There are legitimate compliance concerns for a handful of filers, such as IFRS filers who do not yet have a robust taxonomy that is necessary for XBRL tagging. The SEC has said it won’t take action against IFRS filers who do not meet the phase 3 XBRL submission deadlines because they don’t have an SEC-approved taxonomy to follow.

Beyond that limited population of companies, however, XBRL has been given years of development opportunity and is now on the cusp of complete adoption. The GAAP taxonomy has developed past its initial issues so that its tags closely match financial reporting conventions. To somehow curtail it now by deferring requirements or delaying submissions would only further exacerbate adoption concerns, just as preparers, users and regulators alike are about to see the magic of XBRL unfold.

Business and industry leaders across virtually every sector have long held that better management and accessing of data and information are critical to making better business decisions. XBRL is becoming the poster child for the potential of XML to transform the way business leaders gather, access, analyze, and share information.

The sooner companies take this final stretch to get all public company financial reports into and accessible through XBRL, the faster it will be accepted and even embraced. Only then can the focus shift from costs of tacking on another reporting process to the efficiency that can be gained by eliminating unnecessary steps and procedures and making information flow seamlessly.