Friday, November 07, 2014

Banking Discounts for Businesses using XBRL

In a move that amplifies the increased efficiency with which financial statements formatted in XBRL form can be processed, ING Bank in the Netherlands has announced it will offer discounts to businesses applying for loans and credit if the financial statements in the applications are in XBRL form.

The Netherlands has implemented Standard Business Reporting (SBR), making XBRL statements more readily available. The announcement by ING serves as testimony to the success of the program.

XBRL Canada and CPA Canada have made several submissions to the Government of Canada recommending the adoption of SBR. Companies stand to save millions of dollars because of the enhanced efficiency with which government filings can be processed using XBRL. For some of the submissions made to the Government, check out the CPA Canada website.


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