XBRL – a global standard in compliance reporting
While there has been increased focus on XBRL within the United States over recent months, in part due to the SEC’s recent announcement that Inline XBRL will be used by operating companies and mutual funds going forward, it’s also worth taking a step back to see just how prevalent XBRL is across the globe.
Although, admittedly, certain parts of the world have not taken to XBRL as quickly as others, it’s equally true that many more countries and institutions have taken a shine to the advances in data presentation and information sharing that ‘XBRL reporting’ can offer.
Below highlights are just a small selection of the institutions that have adopted XBRL, although there are more out there as XBRL’s use continues to grow.
In North America, one of the most well-known XBRL users is the United States Securities and Exchange Commission (SEC), as outlined above, although there are other North American bodies out there that use XBRL.
For example, the Canadian Securities Administrators have a voluntary XBRL filing programme in place for those who wish to file their financial statements using XBRL, although XBRL cannot replace PDF filing in the case of financial statements that must be filed under the Canadian securities legislation.
Many organisations across South America have also warmed to XBRL reporting options. Brazil, for instance, has Project SICONFI, which has resulted in the development of SICONFI taxonomy by the Brazilian National Treasury. The data collected under this project is used by Brazilian government entities to build a picture of how Brazil is performing economically as a whole.
Apart from Brazil, XBRL is in use in places such as Peru, where the Superintendencia del Mercado de Valores (SMV) has had mandatory XBRL filing for listed companies since 2012, as well as countries such as Panama, where the Superintendencia de Bancos de Panama also makes use of XBRL data.
Certain countries in Asia are strong advocates for XBRL reporting and one country that has welcomed XBRL with open arms is Japan. The Japan Financial Services Agency (JFSA) requires XBRL reporting for thousands of publicly listed companies, as well as investment funds. In addition, the Bank of Japan also has a voluntary XBRL reporting programme in place.
Other countries in Asia that have introduced XBRL reporting include South Korea, where the Korean Financial Supervisory Commission requires publicly listed companies to file their financial statements under XBRL, and Singapore, where the Accounting and Corporate Regulatory Authority (ACRA) requires companies to file financial statements using XBRL.
XBRL adoption is also going strong across Europe. From HMRC and Companies House in the UK to the German Ministry of Finance, Spain’s Ministry of Economic, National Accounting and Auditing Institute, and the European Banking Authority, there’s no shortage of institutions that have recognised the benefits that XBRL reporting can bring.
Given the increasing prevalence of XBRL reporting and other regulatory measures, it’s important to keep on top of the latest trends and changes. DataTracks specialises in SEC reporting and also provides iXBRL tagging solutions. For more information, email us on firstname.lastname@example.org or speak to a member of staff today.