Unlocking economic potential with XBRL
For a quick refresh on the transformative power of XBRL and the need for open data, it’s worth taking a look at a recent video from Rachel Carpenter, CEO of Intrinio. Carpenter highlights the staggering potential cost savings of structured financial data with XBRL.
In the US, where XBRL became mandatory for certain filings in 2009, there’s immense potential for recurring savings. The structured, machine-readable format of XBRL streamlines data analysis, driving innovation and efficiency. Carpenter illustrates the potential through examples from municipal bond data, where increased accessibility can lower capital costs and spur economic growth. While opponents cite implementation costs, Carpenter emphasises the long-term benefits of efficiency and transparency.
For a quick introduction to all things XBRL, watch the video here.
