Will there ever be one global approach to digital financial reporting? That is a good question.
The International Journal of Digital Accounting Research published an article, XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy Approach, which contemplates that issue.
That document pushes "the data point model" approach to modeling information. There are other approaches. Here is a summary of approaches which I am aware of:
- Data point model
- SEC/US GAAP Taxonomy model (Used by SEC in the US)
- Inline XBRL (Used by HM Revenue and Customs in the UK)
- SBR (Standard Business Reporting, used by The Netherlands and Australian governments)
- MCA India
- Japan FSA
- The Global Filing Manual (don't know how this is going)
- Other more proprietary approaches (like the FDIC)
Would one standard, global model for digital financial reporting be a good thing? I think so. Is it necessary? It may not be necessary, but it sure could not hurt. I don't really know the complete list of pros and cons.
It will be interesting to see how this plays out.