Knowledge Centre
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An Evaluation of the Current State and Future of XBRL and Interactive Data for Investors and Analysts
As early promoters of “interactive data,” Columbia Business School’s Center for Excellence in Accounting and Security Analysis (CEASA) undertook a review of the state of XBRL and interactive data with a focus on their utility for security analysis. This project involved interviews with representatives of the various stakeholders (i.e., preparers, regulators, analysts and investors, XBRL developers, data aggregators, and XBRL filing and consumption tool vendors), and an in-depth discussion with and survey of investors and analysts. The survey and interview questions, and our conclusions, were organized around the original vision for interactive data—i.e., that data in this format would provide incrementally more relevant, timely, and reliable information to more end users, who could then manipulate and organize the data according to their own purposes at a lower cost.
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Better Business Information through XBRL
The case for XBRL: benefits for companies, investors and exchanges. Paper by Nasdaq, Microsoft and PricewaterhouseCoopers.
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Business case for XBRL
A non-technical paper setting out the business case for XBRL. Among other things, it explains two concepts which are critical to understanding the benefits of XBRL: metadata and business rules. Paper by UBMatrix.
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Corporate communications in the 21st Century
The impact of internet technologies on business reporting. Paper by PricewaterhouseCoopers.
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Gaining from Standards: 8 Ways for Regulators to Improve Business Reporting
Deloitte Point-of-View:
Data standards are increasingly being considered to lower the cost of data processing. This Deloitte publication explores the topics that regulators and governments can consider when introducing data standards such as XBRL to improve business reporting and lower the administrative burden. The document showcases Deloitte’s vision on XBRL and the future of digital reporting.
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How IBM Cognos Financial Statement Reporting (FSR) addresses Solvency II reporting requirements
The significant changes in reporting driven by Solvency II, is forcing many insurers to change their business structures, strategies and operating practises. The information to support restructuring the business and adapting the strategy will require comparative information on the IFRS and Solvency II methods, well in advance of the external reporting mandates. Supporting information to drive key business decisions will be required above purely financial comparatives.
The need for more granular, qualitative, explanation oriented, reporting to support Solvency II with accuracy and timeliness is an increased burden and challenge.
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How Insurers are Facing the Reporting Challenge of Solvency II
Solvency II imposes extensive reporting demands on insurance companies both
in the speed and frequency with which they are required to generate reports and
the information they must provide. Insurers are facing difficult choices about
what to do in the face of uncertainty surrounding the directive and how far to
automate the reporting process, as well as practical challenges such as how to
collate the data required for reporting and how to staff and organise themselves
for the new regime. The positive news, however, is that – in the long run – the new
environment will make regulatory maintenance easier and provide managers with
better information to assist them in decision-making for the business.
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Improved business processes and XBRL - report on major successes
Paper by the US FFIEC (Federal Financial Institutions Examination Council) reporting major successes from its use of XBRL for quarterly bank reporting. The paper explores the benefits XBRL delivers to business reporting, with particular attention to the banking regulatory reporting process and its key stakeholders.
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Improving business reporting through standardisation
Explanation of XBRL can overcome problems and limitations in business reporting, providing tangible benefits for the companies which adopt it. Paper by PricewaterhouseCoopers.
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