eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data, which is being adopted as a reporting standard around the world. The adoption was given a boost by compliance with the U.S. Securities and Exchange Commission’s (SEC) final rules, requiring registrants to submit XBRL tagged financial information.
Yet, the adoption of XBRL goes beyond SEC. In addition to many voluntary filings programs already implemented globally, other international regulatory programs, such as SBR and Solvency II, have also announced the obligatory use of XBRL. XBRL is also gaining momentum in the non-financial reporting domain, like sustainability reporting.
Deloitte supports organisations in transforming their business reporting by leveraging XBRL to improve efficiency and reduce costs associated with data collection, reporting and analysis. Organisations can also get comfort on the quality of their XBRL filings through Deloitte’s XBRL Assurance services. Deloitte also provides services to regulatory bodies in developing taxonomies to streamline the collection of data as well as implementing portal solutions for processing XBRL filings.