Interesting article from the Business Standard in India about the use of the global XBRL standard for enhanced government reporting. John Turner, CEO of XBRL International was interviewed by the Indian press about XBRL.
“XBRL is the global standard for exchanging financial, compliance and risk data between organisations. The framework is in use in 60 countries, millions of companies, and by 100 regulators for defining, collecting and validating reporting information in digital format. So, we are moving people from paper to digital,” said Turner.
US Congress/ Office of the President are actively moving forward with the Data Act for US Governmental reporting using XBRL – based on John Turner’s interview the momentum for XBRL by governments continues to expand for enhanced transparency using structured data for superior analytics.
Stay tuned – the IMA has been a big supporter of XBRL for enhanced financial reporting to support both government reporting and capital markets investment for better transparency and accountability.