The principle of XBRL is to identify each concept (e.g. equity) and include it in a taxonomy. The latter is similar to a dictionary. The concepts thus gathered together in a structured manner can be further recognised, processed and represented in various ways. This is done based on the use to be made of them (e.g. “annual accounts” or “tax return”).

The flexibility of XBRL also makes it possible to draw on different taxonomies, each of which corresponds to a different accounting framework (such as, for example, the Belgian accounting framework or the IAS/IFRS accounting standards).

These optimisation and cost-saving possibilities can only be used to the fullest if as many different economic agents as possible take part in the uniformisation and standardisation of the exchange of data.

Businesses (data suppliers), regulators (data collectors) and analysts (data users) alike should thus participate.

Currently, the not-for-profit organisation managing the XBRL standard has more than 650 members worldwide. These include companies active at all levels of the information processing chain, regulators (including the Federal Deposit Insurance Corporation, the Securities and Exchange Commission), central banks (such as the Banco d'Espagne, the Bundesbank, and the National Bank of Belgium), software companies (such as Microsoft, IBM, SAP), analysts (Reuters, etc.) and accountancy and audit firms (PWC, KPMG, E&Y, Deloitte).