CEBS Why is XBRL recommended to be used?

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[[Image:Benefits.gif]] [[Image:Benefits.gif]]
 +
 +==communication==
 +<ul>
 +<li>Single, XML-derived reporting standard</li>
 +<li>Detailed understanding of data model</li>
 +<li>Interoperability with existing XML schemas</li>
 +<li>Several languages can be incorporated<
 +</ul>
 +
 +==transparency==
 +<ul>
 +<li>Comparability of data across Europe</li>
 +<li>Possibility of a faster exchange of information with regard to the financial crisis</li>
 +<li>Versioning will be supported</li>
 +<li>Open source</li>
 +</ul>
 +
 +==flexibility==
 +<ul>
 +<li>XBRL is extensible --> adaptation to national discretions</li>
 +<li>Modularised architecture of XBRL</li>
 +<li>Structural changes in the data are not reflected in the instance</li>
 +</ul>
 +
 +==efficiency==
 +<ul>
 +<li>Reduction of cost and time along the supply chain for financial information</li>
 +<ul>
 +<li>Eases the possibility of automation by supporting</li>
 +<li>automated error detection</li>
 +<li>versioning</li>
 +</ul>
 +<li>Time and cost saving for the reporting entity because of early responses</li>
 +<li>One common format is more cost-effective than a numerous number of different proprietary formats</li>
 +</ul>
 +
 +==flexibility==
 +<ul>
 +<li>XBRL is extensible --> adaptation to national discretions</li>
 +<li>Possibility of a faster exchange of information with regard to the financial crisis</li>
 +<li>Versioning will be supported</li>
 +<li>Open source</li>
 +</ul>
[[Image:WhyXBRL.gif]] [[Image:WhyXBRL.gif]]

Revision as of 17:11, 14 April 2010

Image:Corep_finrep_logo.gif

Contribution dated 2009-12-23

ALL TOPICS ARE STILL ON DISCUSSION!

Contents

Introduction

(To be completed)

Image:Benefits.gif

communication

  • Single, XML-derived reporting standard
  • Detailed understanding of data model
  • Interoperability with existing XML schemas
  • Several languages can be incorporated<

transparency

  • Comparability of data across Europe
  • Possibility of a faster exchange of information with regard to the financial crisis
  • Versioning will be supported
  • Open source

flexibility

  • XBRL is extensible --> adaptation to national discretions
  • Modularised architecture of XBRL
  • Structural changes in the data are not reflected in the instance

efficiency

  • Reduction of cost and time along the supply chain for financial information
    • Eases the possibility of automation by supporting
    • automated error detection
    • versioning
  • Time and cost saving for the reporting entity because of early responses
  • One common format is more cost-effective than a numerous number of different proprietary formats

flexibility

  • XBRL is extensible --> adaptation to national discretions
  • Possibility of a faster exchange of information with regard to the financial crisis
  • Versioning will be supported
  • Open source

Image:WhyXBRL.gif

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