Regulators and Government

Regulators and XBRL

By introducing XBRL for reporting, regulators and other authorities can:

  • Obtain data which can be entered automatically into systems without rekeying, reformatting or other "translation" effort.
  • Dramatically reduce costs by automating routine tasks.
  • Quickly and automatically identify problems with filings.
  • Analyse and compare data much more quickly, efficiently and reliably.  Benefit from the use of software in validation and analysis.
  • Monitor data and activities and reach judgements with far greater speed and confidence.
  • Focus effort on analysis, decision-making and dealing with counterparties rather than on data manipulation.
  • Provide a much faster and focussed response to counterparties.
  • Promote efficiencies and cost savings throughout the regulatory filing process.

Regulators who are interested in introducing XBRL for filing may contact their local XBRL jurisdiction for advice.  A number of regulators around the world have introduced or are introducing XBRL, providing useful experience on the steps to follow.  Initial steps will probably involve the definition of a taxonomy to cover the information which is being reported and a project to upgrade systems to receive XBRL data.


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