Benefits of Membership of XBRL
Membership of XBRL offers organisations an early understanding of how to use XBRL to best advantage in products and services, a gain in time-to-market and the possibility of significant competitive benefits. However, it is not simply the gateway to better technical understanding. Membership also provides insight into plans for the use of XBRL around the world, indicating new business opportunities and means of saving costs.
XBRL members have access to consortium meetings, working groups and electronic discussion groups, providing the best available range of information on XBRL development and planning. They will see draft versions of specifications and other technical documents as they are developed, well ahead of formal public release. Members can also play a full part in the creation of these plans, helping to ensure the plans meet their own individual business priorities and requirements.
As they come to use XBRL in practice, members will have access to advice from the leading technical experts on XBRL. They can also make the most of the marketing opportunities available through the organisation. Participation helps a member identify itself as a leading and effective innovator. Specific advantages of membership include:
Technical information and development:
- Access to the latest and best technical information on XBRL through electronic discussion groups, phone conferences and meetings.
- Early view of draft technical documents and taxonomies during their development.
- Direct advice from to leading technical experts on XBRL on implementation and other issues.
- Direct contact with vendors of XBRL software tools, with opportunities for cheaper access to tools and training.
- Participation in setting requirements and priorities, ensuring these meet the needs of your organisation.
Resulting benefits include better decision-making on XBRL uses and implementation, quicker and cheaper solving of problems, earlier time-to-market.
XBRL plans and opportunities:
- Information on how industries, government, regulators and consumers of financial information are planning to benefit from XBRL.
- Networking with other XBRL members, identifying common interests and possibly developing strategic business partnerships with suitable organisations.
- Participation in liaison with key organisations, including government bodies and industry associations.
Resulting benefits are the identification of business opportunities and earlier delivery of products and services which meet market requirements.
Marketing:
- Ability to publicise and demonstrate products through XBRL consortium announcements and events.
- Ability to plan and position products with a good understanding of how the market can benefit from XBRL.
- Recognition for your organisation as an innovator able to make effective use of new technology.
Resulting benefits include more effective marketing of your products and improved positioning of your organisation.
Membership of any individual jurisdiction includes membership of the international consortium. An annual membership fee is required but the consortium is non profit-making; the fee is purely to fund essential development and marketing work on XBRL. The development and marketing benefits gained by individual members of XBRL should easily outweigh the cost of membership.
To register an interest in joining, without obligation, please fill in the appropriate form under Join XBRL. Alternatively, contact your local Jurisdiction or XBRL International for more information. Many countries or regions do not yet have their own jurisdictions. Organisations or individuals in these locations may join XBRL as a Direct Participant under the Developing Jurisdictions heading which is shown in the jurisdiction lists.
