CEBS Why is XBRL recommended to be used?

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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

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

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

Image:WhyXBRL.gif

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