The XBRL platform for Belgium was introduced at the National Bank's head office on 22 November 2004. Its aim will be to promote the use in Belgium of "eXtensible Business Reporting Language" (XBRL), a tool for standardising and optimising the exchange of financial information.
The Belgian platform has been created as a non-profit institution on the initiative of eight bodies for which financial reporting plays a key role. Four of these bodies are closely related to companies obliged to provide data: the Institute of Chartered Accountants and Tax Consultants, the Professional Institute of Accredited Accountants and Tax Advisers, the Institute of Company Auditors and the Belgian Bankers' Association which also use key data. The State is represented by the Federal Public Service Finance. The three other promoters may be considered as "regulators'': the Banking, Finance and Insurance Commission (BFIC), the National Bank (NBB) and the Commission for Accounting Standards.
Through this initiative, Belgium is firmly establishing an international trend in respect of using XBRL as an open standard for the exchange of financial data.
Given that such an initiative requires the broadest possible support, it is important to get the backing for XBRL in general and the development and use of concrete taxonomies in particular, from all participants wishing to actively support the venture. This is why XBRL Belgium is open to any company or body involved in the exchange of financial information and willing to invest in the non-profit institution's projects.