Ethics and governance in the European Financial centers

XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

Ten institutions has decided to implement the standard in Luxembourg :
- the Commission de Surveillance du Secteur Financier (CSSF),
- the Banque Centrale du Luxembourg (BCL),
- the Commissariat aux Assurances (CAA),
- the Association des Banques et Banquiers, Luxembourg (ABBL),
- the Association Luxembourgeoise des Fonds d’Investissement (ALFI),
- the Association des Compagnies d’Assurances, Luxembourg (ACA),
- the Institut des Réviseurs d’Entreprises (IRE),
- the Ordre des Experts Comptables (OEC),
- the Service Central de la Statistique et des Études économiques (STATEC) et
- the Société de la Bourse de Luxembourg S.A. (BdL).

This is a very good initiative to enhance financial reporting in Luxembourg.

See press release (in French)
Know more about XBRL