XBRL (eXtensible Business Reporting Language), as we all know it, is a globally accepted standard for exchanging business information. From the Regulator’s perspective, it is an interactive data format as against the merely readable formats like HTML, PDF etc., that provides the consumers of reports with insights rather than just information. Having said this, XBRL has to be “rightly implemented” not just “mandated” for it to be effective and beneficial to both Regulators (in terms of enhanced adherence from Filers and quick consumption of data) and Filers (in terms of cost and ease of reporting). This is because every regulation, region, filing entities’ segment and reportable dataset is different and the implementation of XBRL in the same style will either increase the cost and burden of reporting on the Filers, or render the available data inadequate to draw up the necessary insight.
Though XBRL is an effective and proven medium to consume the data efficiently, it has to be implemented appropriately right at the outset. Let’s look at a couple of implementations that were properly done and have been successful since.
The above examples are not intended as an exhaustive analysis, butmore of an illuminating overview of a couple of XBRL implementations worldwide. The premise being, if rightly implemented and considering various factors, XBRL can make an effective and efficient contribution to the compliance reporting space.
About DataTracks: DTracks Limited is a subsidiary of DataTracks Services Limited. With more than 10 years track record, DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India.
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