XBRL adaptation for reporting, monitoring and supervisory purposes is a broad topic that encompasses Central Banks, Regulators, Stock exchanges, individual companies (both private and
Central Banks can improve their favorable financing business to the banks, if they adapt XBRL.
Imagine that all banks report in XBRL and therefore the Central Bank has near-real time data available to assist them in evaluating the credit lines (e.g. the discount window) to each bank and the collateral held.
The European banking crisis brought that to light, as the ECB and the IMF had to await for months the reports from Blackrock and Pimpco that sent their people to look through the books of the Central banks in Greece, Cyprus.
Europe has 28 Central banks and they are starting to adopt XBRL in different areas.
Financial regulators receiving near real-time XBRL data from banks could improve the financial soundness of their local financial ecosystem and the international accessibility to such data.
Over 30 regulators have agreed to the principle of adaptation. The SEC is the leader in this movement and has enforced this requirement for all public companies (has excluded investment companies)! Edgar is the SEC filer and viewer of such data.
Please visit our online demo and watch how we visualize the XBRL filings from Edgar (SEC) using our webservice.
Read more: https://dailyfintech.com/