As regulatory and compliance frameworks evolve, organisations must understand how to implement and use XBRL effectively to ensure transparency, comparability, and compliance with reporting requirements. This section provides an overview of XBRL taxonomies, data validation, reporting formats, and best practices in taxonomy management. Whether selecting an appropriate taxonomy, preparing filing rules, or managing taxonomy updates and revisions, this section equips regulators, supervisors, and other stakeholders with the knowledge needed to make informed decisions and improve reporting efficiency.

Learning Objectives

By the end of this section, readers will be able to:

  • Identify the various XBRL formats available and their use cases
  • Evaluate whether to adopt, extend, or create custom taxonomies based on regulatory and business needs
  • Identify components of taxonomies, including metadata and relationships between elements
  • Explain components of XBRL Reports and how taxonomies influence XBRL reports
  • Apply the tools and processes used to validate XBRL data to ensure accuracy and compliance
  • Understand governance, documentation, and communication processes involved in taxonomy publication
  • Apply best practices for creating and publishing filing rules
  • Assess the considerations and challenges associated with allowing companies to extend taxonomies
  • Develop strategies for managing updates and revisions to taxonomies