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Reporting revolution

Since its first adoption in Australia in 2001, there has been incredible growth in XBRL.

In the last three years alone, the number of organisations adopting XBRL as the preferred reporting medium has virtually doubled. It has risen from more than seven million filings in over 50 countries involving over 70 regulators in 2014 to more than 15 million filings in over 100 countries involving over 140 regulators in 2016.

In the UK and Europe, this growth is expected to accelerate in 2017 and beyond. For example, the Basel IV and Solvency II initiatives for banking and insurance industries will be boosted further following the recent decision by the European Securities and Markets Authority to adopt Inline XBRL as its single electronic format for preparing and submitting annual reports for 7,000 securities issuers across Europe.

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