IRD plans XBRL adoption

XBRL is an XML-based standard for sharing financial information

The Inland Revenue Department is considering adopting XBRL (extensible business reporting language) and is seeking a taxonomy editor and XBRL processor, with a view to developing internal XBRL capabilities.

It has issued an ROI (registration of interest) seeking expressions of interest from vendors. The ROI closes on December 21.

XBRL is an XML-based standard for sharing financial information and has been taken up by big institutions around the world, including the Tokyo Stock Exchange and Germany’s DeutscheBank and Bundesbank.

The New Zealand Stock Exchange is in the middle of a project to enable listed companies to file XBRL documents and there is a broader government initiative under way, also involving the NZX, to encourage XBRL adoption.

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