An XBRL workshop with financial experts took place on October 23, organised by the Corporate Center for Reporting and MDD. The presentations of international speakers and the discussions showed that the reporting language XBRL meets the pulse of the times.
Mohini Singh of the CFA Institute focused on the use of structured data in financial reporting. Ivana Kesten of RobecoSAM introduced the use of XBRL in data assessments and CS representatives provided insight into their reporting with XBRL. Participants see XBRL as the answer to the growing challenge of managing the number and scope of reporting. The reporting language XBRL simplifies the provision, analysis and transmission of data. The scope of application continues worldwide (in more than 70 countries). In the US, the XBRL format has been mandatory for all SEC-listed companies since 2009, that also applies Swiss companies such as CS, UBS, Novartis, ABB, Transocean and others. In Europe, listed companies with annual financial statements under IFRS will be subject to iXBRL from 2020 onwards The Inline XBRL format (iXBRL) is a further development of XBRL and is readable both to the human eye and to machines. With this "embedded in HTML XBRL" - the report can be viewed with any web browser. Armin Galliker, CEO and Founder MDD, summarizes the event with a quote: «XBRL will radically transform the way people work with financial data in -enterprises, government organizations and legal bodies».