CEBS Why is XBRL recommended to be used?
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Revision as of 17:12, 14 April 2010 (edit) Katrin (Talk | contribs) (→efficiency) ← Previous diff |
Revision as of 17:19, 14 April 2010 (edit) Katrin (Talk | contribs) (→flexibility) Next diff → |
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</ul> | </ul> | ||
- | ==flexibility== | + | ==support== |
<ul> | <ul> | ||
- | <li>XBRL is extensible --> adaptation to national discretions</li> | + | <li>Shifting of manual support to automated processes</li> |
- | <li>Possibility of a faster exchange of information with regard to the financial crisis</li> | + | <li>In-house developed systems can be replaced by �standardised market solutions</li> |
- | <li>Versioning will be supported</li> | + | </ul> |
- | <li>Open source</li> | + | |
+ | ==test== | ||
+ | <ul> | ||
+ | <li>XBRL reports can be easily tested before submission</li> | ||
+ | <li>Transition process of a reporting entity could be supported by providing a test platform</li> | ||
+ | </ul> | ||
+ | |||
+ | ==validation== | ||
+ | <ul> | ||
+ | <li>Validation via standardised approaches</li> | ||
+ | <li>Extensive possibilities for formula definitions</li> | ||
+ | <li>Summarisation of formulas --> reduction of the amount of formulas</li> | ||
+ | <li>No need for specific in-house solutions for the reporting entities</li> | ||
+ | </ul> | ||
+ | |||
+ | ==harmonisation== | ||
+ | <ul> | ||
+ | <li>Approach is in line with the reconciliation for an harmonised reporting in the EU</li> | ||
+ | <li>Uniform validation rules can be used</li> | ||
+ | <li>Allows cooperation on a unified data basis �(i.e. Colleagues of Supervisors)</li> | ||
+ | </ul> | ||
+ | |||
+ | ==standardisation== | ||
+ | <ul> | ||
+ | <li>Assures competitive capacity</li> | ||
+ | <li>Eases the exchange with other European countries</li> | ||
+ | <li>Enables the use of standardised technology</li> | ||
+ | <li>Eases interoperability</li> | ||
+ | <li>Minimises risks</li> | ||
+ | <li>No other standardised business reporting standard exists</li> | ||
</ul> | </ul> | ||
[[Image:WhyXBRL.gif]] | [[Image:WhyXBRL.gif]] |
Revision as of 17:19, 14 April 2010
Contribution dated 2009-12-23
ALL TOPICS ARE STILL ON DISCUSSION!
Contents |
Introduction
(To be completed)
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
support
- Shifting of manual support to automated processes
- In-house developed systems can be replaced by �standardised market solutions
test
- XBRL reports can be easily tested before submission
- Transition process of a reporting entity could be supported by providing a test platform
validation
- Validation via standardised approaches
- Extensive possibilities for formula definitions
- Summarisation of formulas --> reduction of the amount of formulas
- No need for specific in-house solutions for the reporting entities
harmonisation
- Approach is in line with the reconciliation for an harmonised reporting in the EU
- Uniform validation rules can be used
- Allows cooperation on a unified data basis �(i.e. Colleagues of Supervisors)
standardisation
- Assures competitive capacity
- Eases the exchange with other European countries
- Enables the use of standardised technology
- Eases interoperability
- Minimises risks
- No other standardised business reporting standard exists