Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies, and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors, and creditors. Among those who can take advantage of XBRL include accountancy software vendors, the financial services industry, investor relations companies, and the information technology industry. XBRL will impact:
Organizations that prepare financial statements
More efficient preparation of financial statements because they will be created one time and rendered many times, be it to the printer, to lenders, private investors, on Web sites, or as regulatory filings.
Analysts, Investors, and Regulators
Enhanced distribution and usability of existing financial statement information. Automated analysis, significantly less re-keying of financial information, the transformation from one form into another, receiving information in the format you prefer for their specific style of analysis.
Financial publishers and data aggregation
More efficient data collection lowers operating costs associated with custom, idiosyncratic data feeds and reduces errors while concentrating on adding value to the data and increasing transaction capacity.
Independent Software Vendors
Virtually any software product that manages financial information could use XBRL for its data export and import formats, thereby increasing its potential for full interoperability with other financial and analytical applications.