Using XBRL for data reporting
Abstract. The Australian Bureau of Statistics (ABS) sees XBRL as having great potential for electronic data capture. It is important that any electronic data capture option offers a strong value proposition for the provider, especially when the provider is in regular and/or multiple collections. The value proposition is much stronger to deal electronically with us if the information can be extracted from their finance and/or other management information systems. The XBRL business case for providers is that important financial information is repackaged/reused for multiple purposes. Providers potentially can satisfy the reporting requirements of many government and other institutions, ranging from Taxation to the Stock Exchange without manual or repetitive effort. E-government initiatives in Australia are marketing the idea of 'tell government once'. Operationally this is very complex and privacy issues arise. The ABS thinks the 'providers tag once' is a much better proposition. Agencies instead can ask for XBRL files from providers and 'map' to their requirements.
1. Introduction
Over the years, a number of different mechanisms for exchanging data have been developed. Until the Internet and eXtensible Mark-up Language (XML) these mechanisms tended to be proprietary or unique to the application or purpose for which each was created. eXtensible Business Reporting Language (XBRL) is one of the many industry specific 'languages' of XML. XBRL hailed as 'the digital language of business' facilitates the reuse of information contained in business reports, providing structure and context for that information.
2. Why XBRL?
The Australian Bureau of Statistics sees XBRL as the 'language' likely to succeed as the industry accepted 'business reporting language'. Leaders in the accounting profession such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Committee (IASC) have researched the impact of the Internet on the distribution of financial information and have reached the conclusion that XBRL, or something similar is needed. XBRL is strongly supported in the Australian accounting and consulting sector. The Australian Prudential Regulatory Authority (APRA) is also strongly supporting XBRL and is already accepting and disseminating information in XBRL.
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