XBRL is a royalty-free open standard for identifying and better communicating the complex financial information in corporate business reports. XBRL makes the analysis and exchange of corporate financial information easier and more reliable, providing benefits to all members of the financial information supply chain. Governments, regulators, exchanges, investors, analysts, financial institutions, and the European corporate reporting environment at large, as well as key third parties such as software developers, systems integrators, consultants and data aggregators. XBRL is being developed by XBRL International, a non-profit consortium of over 200 leading companies, associations and government agencies around the world. XBRL has now emerged as the only global XML-Based Standard for financial reporting.
Conditions for XBRL adoption are developing rapidly, but Europe's ability to reap the benefits, depends upon continued:
- proactive involvement and cooperation among reporting supply chain stakeholders
- effective sharing of knowledge, information and tools across Europe
- development of XBRL vocabularies (taxonomies) and applications to sustain progress and overcome the inertia of companies and government agencies to drive change.
The pace of adoption should now move beyond what can be achieved by the goodwill and unilateral efforts of individual organisations. However, no European platform currently exists to do this or to connect stakeholders and coordinate efforts, Organisations will adopt XBRL more readily when it is seen as inevitable and to be making continued broad progress.
This initiative is designed to speed up XBRL adoption, build awareness, and coordinate all XBRL activities throughout Europe, whilst continuing to leverage, and work in alignment with, XBRL International. This initiative supports strategic objective IST-2002-184.108.40.206 - Networked businesses and governments.
Funding SchemeCA - Coordination action
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