Usage in Accounting Institutes

A core purpose of Accounting Institutes around the world is to enhance the access, quality and breadth of financial information available to the investing public.  XBRL will help achieve this.  Institutes also believe that the development of XBRL will help position their members as valued knowledge providers for their clients.  Businesses, large and small, are undergoing fundamental change.  Accountants, as the managers of the underlying language of business, can help organisations fit into the new digital world, solve business issues and capitilise on opportunities

The IASB is developing a taxonomy which reflects International Financial Reporting Standards (IFRS).  National XBRL jurisidictions will extend this taxonomy to reflect their particular local implementation of IFRS.  Taxonomies will thus be available to enable those reporting under IFRS in different countries to use XBRL, enhancing efficiency and comparability as adoption of IFRS expands around the world.