CEBS Why is XBRL recommended to be used?
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| [[Image:Benefits.gif]] | [[Image:Benefits.gif]] | ||
| + | |||
| + | ==communication== | ||
| + | <ul> | ||
| + | <li>Single, XML-derived reporting standard</li> | ||
| + | <li>Detailed understanding of data model</li> | ||
| + | <li>Interoperability with existing XML schemas</li> | ||
| + | <li>Several languages can be incorporated< | ||
| + | </ul> | ||
| + | |||
| + | ==transparency== | ||
| + | <ul> | ||
| + | <li>Comparability of data across Europe</li> | ||
| + | <li>Possibility of a faster exchange of information with regard to the financial crisis</li> | ||
| + | <li>Versioning will be supported</li> | ||
| + | <li>Open source</li> | ||
| + | </ul> | ||
| + | |||
| + | ==flexibility== | ||
| + | <ul> | ||
| + | <li>XBRL is extensible --> adaptation to national discretions</li> | ||
| + | <li>Modularised architecture of XBRL</li> | ||
| + | <li>Structural changes in the data are not reflected in the instance</li> | ||
| + | </ul> | ||
| + | |||
| + | ==efficiency== | ||
| + | <ul> | ||
| + | <li>Reduction of cost and time along the supply chain for financial information</li> | ||
| + | <ul> | ||
| + | <li>Eases the possibility of automation by supporting</li> | ||
| + | <li>automated error detection</li> | ||
| + | <li>versioning</li> | ||
| + | </ul> | ||
| + | <li>Time and cost saving for the reporting entity because of early responses</li> | ||
| + | <li>One common format is more cost-effective than a numerous number of different proprietary formats</li> | ||
| + | </ul> | ||
| + | |||
| + | ==flexibility== | ||
| + | <ul> | ||
| + | <li>XBRL is extensible --> adaptation to national discretions</li> | ||
| + | <li>Possibility of a faster exchange of information with regard to the financial crisis</li> | ||
| + | <li>Versioning will be supported</li> | ||
| + | <li>Open source</li> | ||
| + | </ul> | ||
| [[Image:WhyXBRL.gif]] | [[Image:WhyXBRL.gif]] | ||
Revision as of 17:11, 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
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
