The future of standardised business data exchange.


Financial reporting using XBRL (eXtensible Business Reporting Language) helps companies to become more visible on the financial markets, investors to scale up their financial research on the lodging companies, and regulators to undertake faster analysis of the reported information. It is not just us saying. Proof of the benefits for companies and investors alike is the fast adoption worldwide and the growing interest in XBRL-formatted financial data. XBRL-based reporting has been mandated by SEC in US, it will become mandatory in the European Union by 2020, and it has been adopted by many Asian countries as well. On top of that, large financial data agregators and analysts such as Blumberg and MorningStar have quickly understood of business benefits of having access to real time, up to date, financial data and already use XBRL data feeds for their research.


XBRL is an open international standard for business information exchange. This includes financial business reporting, however XBRL can be used for other type of data exchange, for example banking data or supply chain data. XBRL is curated by XBRL International, a non profit consortium that is made up of 22 country jurisdictions (as of January 2018) plus XBRL Europe as an affiliate. All jurisdictions provide support for XBRL adoption in their respective areas via implementation projects, training, consulting, promotion and other relevant activities. XBRL International also have a membership program where over 500 organisations, large and small, from around the world, are direct members of XBRL International or members of one or more jurisdictions. See the maps below for a visualisation of the jurisdictions (Fig1) and members organisation spread around the world (Fig2, with light blue indicating under 1% members, to dark blue indicating over 10% member organisations).
As it can be noticed, Japan is on the 1st place with the highest number of members, followed by jurisdictions from the United States of America and several Western European countries. Interesting to see, countries such as Australia who embraced XBRL and where "XBRL is the designated SBR standard for financial transactions", has no jurisdiction and no formal Consortium members. At the same time, while the Consortium members come (at the time of writing) from 31 countries, XBRL is reportedly currently used in over 60 countries world-wide and the list of the countries and organisations that use and support XBRL keeps growing.


XBRL is a flexible XML-based language for business information exchange, that allows clear definition (via XBRL taxonomies) of the business terms that are transmitted, as well as testable business rules for the content of the document or report, and support for multiple languages (via XBRL linkbases). Note: If you are not familiar with these terms, check out our Standards Training page where you'll find information about our online and face to face courses on XBRL, iXBRL and XML. Regulators in each country use taxonomies for the definition of their respective business terms. For example, in US companies report to U.S. Securities and Exchange Commission (SEC) using the US GAAP Financial Reporting Taxonomy, while in many other jurisdictions IFRS (International Financial Reporting Standard) is slowly becoming the de facto global standard for financial reporting. US GAAP and IFRS are both, as well as many other taxonomies around the work, based on XBRL, so the reported financial data could be analysed in a similar way (exception making the so called 'extensions' that are company specific in US). In Australia, the SBR (Standard Business Reporting) platform was created by a consortium of regulators, including the Treasury and all major agencies e.g. ATO, ASIC, APRA, ABS and many others, to revolutionise digital reporting. The IFRS AU Taxonomy is the SBR backbone on which Australian financial reporting is based. IFRS AU Taxonomy is based on IFRS International Taxonomy and includes a number of other fields, specific to Australian companies or to Australian regulatory requirements. The main difference between Australian and US approach is that Australia does not allow companies to extend the IFRS AU with other, company specific, fields, which makes the reporting and the analysis much coordinated and simpler.


We invite you into the future of corporate performance democratisation!

Our platform LENSELL® connects listed and unlisted companies that want to improve their financial discoverability online with investors and analysts around the world who are looking for investment opportunities and want to make fast, informed and performant decisions.
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