From XBRLWiki

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 support 1.6 test 1.7 validation 1.8 harmonisation 1.9 standardisation

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

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