Why it is so useful?
- It provides major benefits in the preparation, analysis and communication of business information.
- It is an open standard, free of royalties, with major acceptance by European and global regulators. That is why XBRL plays an interesting role when promoting and implementing new standards, such as the IFRS.
- It is widely used for financial reporting in Spain where it is mandated by the Bank of Spain, in the United States where it is mandated by the Securities and Exchange Commission (SEC), and also in the UK and other regulators all over the world.
