eXtensible Business Reporting Language
What is XBRL?
An open standard (free of license fees)
Conceived about a decade ago (1998)
For collecting, analyzing, and publishing financial
statements and reports (οικονομικζσ καταςτάςεισ και
The idea behind XBRL is:
Instead of treating financial information as a block of
text - as in a standard internet page or a printed
document - it provides an identifying tag for each
individual item of data.
And since it is XML-based, XBRL is computer readable.
It enables unique identifying tags to be applied to items of financial data
(such as ‘net profit’)
Tags more than simple identifiers, they provide a range of information
about the item, such as whether it is a monetary item, percentage or
XBRL can show how items are related to one another. It can represent how
they are calculated.
It can also identify whether they fall into particular groupings for
organizational or presentational purposes.
XBRL Taxonomies, are the dictionaries which the language uses.
These are categorization schemes which define the specific tags for
individual items of data (such as "net profit").
National jurisdictions have different accounting regulations, so each may
have its own taxonomy for financial reporting.
A special taxonomy has also been designed to support collation of data
and internal reporting within organizations. This is the GL taxonomy.
Assets Held for Sale 100,000
Construction in Progress, Current 100,000
Other Financial Assets, Current 100,000
Hedging Instruments, Current (Asset) 100,000
Current Tax Receivables 100,000
Trade and Other Receivables, Net,Current 100,000
Prepayments, Current 100,000
Cash and Cash Equivalents 100,000
Other Assets, Current 100,000
Current Assets Total 1,000,000
Uses & Benefits of XBRL
GAAP, IFRS, Banking taxonomies
Internal reporting within organizations (General Ledger taxonomy)
Mutual Fund Risk Return, Schedule of Investments, Corporate Social Responsibility, Listed
Reporting cost reduction
Facilitates regulatory compliance with IFRS for listed companies and SMEs
Enforces data credibility, improved accuracy, reliability and comparability
Easier for investors to analyze a public company's financial information
Lenders require commercial borrowers to provide periodic financial statements, XBRL significantly
reduces the amount of time lenders must spend in both collecting and using the information
“Better, faster, cheaper” data to organizational decision-making
Those who collect business data including governments, regulators, economic agencies, stock exchanges,
financial information companies
Those who produce or use it including accountants, auditors, company managers, financial analysts,
investors and creditors
Accountancy software vendors, the financial services industry, investor relations companies and the
information technology industry
Who is behind XBRL?
An international non-profit consortium of approximately 550 major
companies, organizations and government agencies, including:
Consulting and S/W companies like CapGemini, PwC, Accenture, Atos
Origin, Deloitte, IBM, KPMG, Microsoft
Ministries and NSIs (i.e. Instituto Nacional de Estadística (INE) & STATEC)
Government and non-profit organizations
Committee of European Banking Supervisors, CEBS, reporting to ECB,
promotes the usage of XBRL (COREP/ FINREP XBRL Project) for
solvency ratio reporting from credit institutions and investment firms
under future EU capital requirements regime based on BASEL II.
Panagiotis Voulgaris, from the Bank of Greece, participates in the
core team of the COREP project
On May 15, 2008 the SEC (US Securities and Exchange
Commission) adopted a rule for all companies to file
their annual and quarterly reports in eXtensible
Business Reporting Language (XBRL) on a staged basis
over the next three years
Under the proposal, the 500 largest companies
(including foreign firms that use US GAAP) will begin
filing XBRL attachments with their annual reports early
2009. They will be followed a year later by
approximately 1,700 additional companies in 2010,
while all remaining smaller companies and foreign
issuers that use IFRS will submit XBRL in 2011
Who uses XBRL?
The Securities and Exchange Commission in the US,
banking supervisors in Europe to stock exchanges in
8,000 banks in the US submit quarterly reports to the
Federal Deposit Insurance Corporation (FDIC) through
an XBRL data collection system
A dozen European countries, and the Bank of Japan,
among others, to collect regulatory filings from banks
The Tokyo Stock Exchange collects its Earnings Digest in
XBRL format from 80 percent of listed companies
How the XBRL is going global
China, Singapore, South Korea, Israel and Japan have mandated
public financial disclosures to be submitted in XBRL.
Companies and financial institutions in the Netherlands can now use
XBRL-tagged data to report their financial data to dozens of Dutch
authorities resulting in significant administrative savings.
The government of Australia has embarked on a multimillion dollar
project that is projected to save Australian businesses nearly $1
billion in reporting costs by leveraging XBRL.
The XBRL Spain jurisdiction is supporting the expansion of XBRL
throughout Ibero-American countries.
The Global Reporting Initiative is testing an XBRL-based mechanism
for reporting economic, environmental and social performance
The recession had as a consequence the demand for
greater transparency from banks and financial
institutions with respect to declaring their assets
Η ECB ςτα πλαίςια του ςυμφώνου τθσ Βαςιλείασ ΙΙ και με
βάςθ τα χρθματοδοτοφμενα ζργα τθσ COREP παροτρφνει τισ
κεντρικζσ τράπεηεσ των χωρών τθσ Ευρωηώνθσ να
αναπτφξουν και να υιοκετιςουν ςχιματα καταχώρθςθσ-
παρακολοφκθςθσ των μθνιαίων καταςτάςεων των
εμπορικών τραπεηών που εποπτεφουν, ςφμφωνα με το
Hellastat A.E. sponsor themselves as the only Greek
company that uses XBRL
Hellastat have already implemented the schema of Ε.Γ.Λ.Σ.
(Ελλθνικό Γενικό Λογιςτικό Σχζδιο) in XBRL v2, and
Have already developed an Integrated Business Information
System (IBIS) which is based on XBRL, is inline with the credit
risk management criteria of Basel II
Hellastat holds the largest on-line database of electronic
(XBRL) financial statements for Greek companies and they
already provide XBRL services to the National Bank of
Greece, Interamerican, Reuters and others
Oracle XBRL Vault
Builton Oracle Database
Solution for collecting, validating, storing and analyzing
XBRL Analytics Support
UBMatrix XBRL processing engine
UBMatrix Taxonomy Designer