XBRL Reporting gains
Views of reporting experts
Deloitte interviewed a number of prominent organizations about their vision of XBRL. What is it? What value does XBRL bring to their organization?
What is XBRL?
XBRL is an open, international standard for the exchange of financial and non-financial information in digital form. The standardization of this information enables computer systems to automatically recognize and process data throughout the entire reporting chain. This simplifies the delivery of digital reports to various parties and enables better access of information for analyses and benchmarking purposes.
Who uses XBRL?
In the Netherlands, the government has mandated XBRL under the Standard Business Reporting (SBR) program. The SBR program covers tax reporting, financial reporting and statistics reporting to the Tax Office, the Chamber of Commerce and the Statistics Office. Major Dutch banks also use XBRL for credit reporting. This corresponds to the global XBRL developments in more than 30 countries, where governments are working on the implementation of XBRL for business-to-government reporting processes. The European Supervisory Authorities EIOPA (Solvency II) and EBA (Basel) also adopt XBRL for financial supervisory reporting.
What are the benefits of XBRL?
In the above video, representatives of Global Reporting Initiative (GRI), ING, the SBR Program, WebFilings, and Deloitte share their views on what XBRL is and the benefits it offers to companies, financial regulators, and standard setters.
Would you like to know more about what XBRL can mean to your organization? Our XBRL team is available to help. Please contact Dave van den Ende at +31 (0) 88 288 0208 or by email at email@example.com.