It’s well known that regulators are driving the adoption of XBRL around the world. Here’s one take on the reasons why:
-Generate cleaner data, including written explanations and supporting notes,
-Produce more accurate data, with fewer errors that require follow-up by regulators,
-Transmit data faster to regulators and meet deadlines,
-Increase the number of cases and amount of information that staffers can handle,
-Make information available faster to regulators and the public,
-Address issues and concerns in their filings rather than after the fact.
InformationWeek Financial Reporting Feds Lead The XBRL Charge May 29, 2006