XBRL Empowering the Business Person in Brazil
In our interview with Bruno Simoes from the Brazil National Treasury, he gave an overview of the XBRL project there and details how using XBRL is improving government reporting though enhanced data transparency and accuracy. The true strength of XBRL he says is that “XBRL empowers the business person. You are no longer a rider in a car being driven by an IT person. You are the driver . . . We shape the reports, we create the validation on the reports . . . you can see the results of your work”.
Bruno makes an important point. A successful XBRL project is driven by business requirements – in this case collecting economic and budget data from Federal, State and Municipal levels of government to improve accountability and present a clear picture of the financial health of the country and making that data available in real time.
Earlier this year the XII Best Practices Board published a detailed case study on Project SICONFI. You can read the case study.