Recent announcements of changes coming to the Accounting and Transparency Directives of the EU set a timeline for electronic reporting of financial data in a format such as XBRL. This is great news. Congratulations to all that have worked hard to make this happen.
In specific, the requirement will be for annual reporting, and only for companies that are traded on an exchange. If that is the target group of filers, why wait until 1 Jan, 2020? The SEC’ EDGAR program has driven the taxonomy and tagging tools, and the cost reductions. European companies that are SEC 20-F filers will have to file XBRL as soon as the SEC approves an IFRS taxonomy. So there is little reason to wait 7 years.