CEBS Why is XBRL recommended to be used?

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Contribution dated 2009-12-23

ALL TOPICS ARE STILL ON DISCUSSION!

Contents

Introduction

(To be completed)

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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

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