ReadWriteWeb

It is not often that something as deeply geeky as XBRL gets onto the front page of Wired magazine. Daniel Roth's superb article about radical transparency raised the profile of those four letters. What could be more boring than an XML standard for accountants that has been around for a decade? On the other hand, what could be more exciting than something that might disrupt and recreate the deeply broken global financial system? I spent two days at the XBRL US National Conference in New York to find out the reality, which is somewhere in between.

Despite the fact that he is perhaps one of the world's most famous gangsters, Al Capone wasn't first imprisoned for bootlegging, racketeering or the gangland execution of the Saint Valentine's Day Massacre. Instead, Capone was first imprisoned for tax evasion. Whether you're a law abiding citizen or a tax dodging criminal, there's something eerily omniscient about the taxman. According to a recent Wall Street Journal article by Laura Saunders, our all-seeing state revenue agents have increased their power to catch tax evaders through Facebook, MySpace and Google.