Benefits and Uses
XBRL is being used across a wide range of sectors, including securities regulation, banking, insurance, data aggregators and taxation, as well as for non-financial reporting such as carbon disclosure, sustainability efforts and risk reporting.
The XII Best Practices Board is producing a series of webinars on the value of consuming XBRL data. Topics include the use of XBRL for taxation reporting, credit analysis and aggregating financial data. Additional webinars will be released soon.
The use of XBRL does not imply an enforced standardisation of business reporting. On the contrary, the language is a flexible one which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organisation level.