The Use of XBRL in the European Financial Markets

Abstract

The use of XML and its related languages especially XBRL in the financial markets is likely to raise much attention the next few years. Different projects are being studied: linkage of the business registers, remote access to the annual accounts, organising the distribution of the financial information by listed companies, use for reporting by banks and insurance companies, as some applications that are already in place or being developed. The impact of an efficient information distribution system could help protect creditors, make cross border relations more secure and support the competitiveness of our financial markets.

Keywords: financial information, business register transparancy, creditor protection, competitive financial markets

JEL Classification: K22