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Revision as of 17:12, 14 April 2010

Contribution dated 2009-12-23

ALL TOPICS ARE STILL ON DISCUSSION!

Contents 1 Introduction 1.1 communication 1.2 transparency 1.3 flexibility 1.4 efficiency 1.5 flexibility

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

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