One of the most compelling benefits eXtensible Business Reporting Language (XBRL) offers adopting organizations is the ability to easily sort data across a variety of forms and reports. By eliminating inconsistency and redundancy, it improves comparability across submitters and validates the information prior to submission while allowing for better re-use of data.
The Dutch Ministry of Finance has pioneered an effort to harmonize business reporting across its government agencies, believing so strongly in the value of the eGovernment initiative, called the Dutch National Taxonomy Project, to businesses in the Netherlands, that they introduced and signed a covenant in May 2006 with a variety of commercial enterprises and has targeted a savings of 350 million Euro for the private sector. The Ministry recently announced the selection of UBmatrix as the provider of strategic software products supporting the 2007 roll-out of the Dutch National Taxonomy Project.
“For governments around the world considering how XBRL-based solutions can lighten the regulatory burden on their citizens and companies, the Netherlands is leading by example,” UBmatrix President and CEO Sunir Kapoor said in a prepared statement. “Given the breadth and scope of their vision, the Dutch government needs software products and applications that are proven to deliver. We are pleased to know that our software met their high standards.”
“UBmatrix has two key attributes that made them an obvious choice,” commented Harm Jan van Burg, Project Director Netherlands Taxonomy Project from the Dutch Ministries of Justice and Finance and presenter at the 14th International XBRL Conference in December explained. “First, their technology has proven scalable in real world deployments. In fact, their success at the U.S. Federal Financial Institutions Examination Council (FFIEC) in deploying the world’s largest XBRL application so far was truly pioneering. On top of that, they have been a key contributor in designing our country’s taxonomies, which are really quite sophisticated.”
The status of the Dutch National Taxonomy Project prior to the agreement with UBmatrix included the availability of a process infrastructure and a test validation service, as well as the completion of the taxonomies. The challenge facing the Project now is to expand interest and involvement to critical mass.
It is hoped that the UBmatrix agreement, which includes the XBRL Processing Engine, will allow critical mass to be achieved. The Dutch Project team will use the UBmatrix processing Engine to read and validate millions of corporate report submissions each year. Reports currently included within the scope of the project include financial tax filings ad Chamber of Commerce filings. In the near future, the Dutch Taxonomy Project team also expects to support Census Bureau filings in the near future.