Smooth and steady: guidance for effective XBRL filing roll-outs now available
XBRL International’s Best Practices Board (BPB) has released new draft guidance on rolling out an XBRL filing programme, now open for public comment. This guidance tackles the challenge of launching a successful digital reporting programme that meets regulators’ needs for accurate, timely data while easing the burden on filers. From planning pilot phases to building strong support systems, the guidance provides a high level step-by-step approach for effective implementation.
To keep the process manageable, the guidance recommends strategies like gradually phasing in different types of preparers, running pilot tests to catch early issues, and offering an initial voluntary filing phase. By testing the waters with small groups first, regulators can work out any kinks before wider roll-out, improving the overall success of the programme and reducing resistance from filers. A bit like a dress rehearsal right before the big show.
Phased implementation is a core recommendation, beginning with larger organisations or specific filer groups to avoid overwhelming the market all at once. This approach, however, needs a firm timeline for full adoption to capture the benefits of a unified data format.
With a blend of phased roll-outs, extensive piloting, and early industry collaboration, the guidance outlines a clear approach to ensure a manageable and effective launch.
Dive into the full document and share your feedback here.
