Electronic Filing and XBRL
eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. As a system for coding and decoding information, XBRL's impact on financial reporting and data exchange has been compared to the impact of barcodes on merchandising.
The benefits of XBRL include:
- It creates a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements, and business information.
- It offers cost savings, greater efficiency, and improved accuracy, and reliability, to all those involved in supplying or using financial data.
Our vision on XBRL adoption
Deloitte recognises and supports XBRL as a leading standard for managing and processing financial and business information. XBRL makes business information more interactive and liquid, hence the interest of the capital markets and regulators. It also makes information more manageable in such a way that companies can use it to create efficiencies and bring innovation in business reporting applications.
While adoption of XBRL has initially been driven by regulatory action in response to mandates, we believe that it will continue to evolve beyond compliance to more value-add use.
XBRL drives efficiencies and innovations in other applications and processes, such as business process improvement, finance transformation, governance, risk and compliance systems, adoption of International Financial Reporting Standards and automation of internal controls reporting.
Next steps
How Deloitte Ireland can help youUnderstand the options available to you and how Deloitte can work with you to help you assess and implement your preferred approach. Read more. |
Background
What is XBRL?You don’t need to be a technology expert to get a basic understanding of the concepts behind XBRL and iXBRL. A basic understanding of the technology and the impact in Ireland will assist you in understanding how the change will affect your business. Read more. |
Managing the transition
What can we learn from other countries XBRL reporting implementations?XBRL reporting is not unique to Ireland. See how businesses and Deloitte have managed its introduction in other financial reporting regimes. Read more. |
Key contacts
| Harry Goddard, Partner T +353 1 417 2589 |
Simon Murphy, Director T +353 1 417 3868 |
John McCarroll, Partner, Audit T +353 1 417 2533 |