International Scenario

More than 40 countries have started using XBRL for collection of the information. Many regulators have started making mandatory filing of documents and collect information in XBRL . Few to name are Australian Tax Office, National Bank of Belgium, China Securities Regulatory Commission (CSRC), European System of Central Banks (ESCB), In Japan National Tax Agency (NTA), Financial Services Agency, Bank of Japan, Tokyo Stock Exchange,Lietuvos Bankes (Bank of Lithuania), National Bank of Romania, Accounting and Corporate Regulatory Authority (Singapore), Spanish Bank Association (AEB), Bank of Spain, UK Revenue and Customs

The US (SEC) has adopted a phased wise approach for mandatory filings in XBRL. During its first phase beginning in 2009, the 500 largest U.S. public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL, beginning with quarterly filings after June 15, 2009. Smaller companies, depending on their size and filing status, begin reporting in XBRL in 2010 or would be in 2011, with all public companies filing in XBRL within three years. The SEC will provide filers with limited liability for their XBRL financial statements for a period that will phase out over two years; the limited liability provision would terminate completely on October 31, 2014.