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Digitalisation of IFRS Financial Reporting as Value Added for Users of Financial Statements, but with a Rough Edge
Efficient communication requires flexible data content delivery solutions and a globally accepted technical standard for data exchange
Digitalisation of financial reporting is finding its way into the financial markets. With the availability of ”interactive data" in the EDGAR system of the US SEC and the latest announcements of the European Commission in regard to the renewal of the Transparency Directive, it is obvious that regulators and standard-setters regard XBRL (eXtensible business reporting language) as the solution for adding value to the dissemination of financial information. In this article we evaluate the ways in which XBRL can be used by a group that is often forgotten in discussions on digitalisation of financial reporting: the users of financial information.
Back in 2007 the United States Securities and Exchange Commission (US SEC), and then very recently the European Commission decided to enter the era of digital financial reporting. The SEC started to require their filers to submit financial disclosures in so-called interactive data format ”that is intended to improve its usefulness to investors". The European Parliament voted on a renewed Transparency Directive, stating that an electronic format fo...