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.