XBRL project wins Dutch National Innovation prize
10 April 2006
A Dutch project to introduce the use of XBRL for a range of financial reporting has won the National Innovation prize for projects in the public sector.
The Dutch Taxonomy Project (Nederlandse Taxonomie Project, NTP) came first out of 175 projects put forward for the prize which was awarded at the Innovation Festival in the city of Doordrecht.
The Dutch Taxonomy Project is being overseen by the Ministries of Justice and Finance. It promises the largest benefits from any project in a government programme aimed at reducing the administrative burden on companies.
Dutch companies face heavy costs in complying with rules on the reporting of accounts, tax filing and statistical reporting. To simplify these processes, the NTP project team has developed the Dutch XBRL taxonomy, which helps the automation of the collection and analysis of information.
"This prize not only encourages us to continue, but it is also recognizes the method used to reduce the administrative burden,” the Justice and Finance Ministries said in a statement.
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