XBRL delivers accuracy and efficiency benefits to submitters
Submitters – The FDIC and the SEC in the US, Supervisory Banks in Europe, the Dutch Tax Office and the Singapore Accounting and Corporate Reporting Authority are just a few examples of regulators accepting submissions in XBRL. Australia is looking to gain the benefits of XBRL through the country's Standard Business Reporting Initiative. Other countries are also looking to drive inefficiencies out of the system thru the use of XBRL. The goal is to benefit the submitter by standardizing reporting requirements across government agencies, driving down the cost of regulatory reporting. For example, The Netherland Taxonomy Project estimates they will provide an annual savings of $300M Euro for businesses by moving to XBRL.
UBmatrix provides both solutions for specific reporting requirements (COREP/FINREP for Basel II) and the software and tools that can be extended to meet any XBRL-based compliance requirement. UBmatrix products can be used today by companies interested in partipating in the SEC Interactive Data Initative.
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