Through the adoption of XBRL, companies in the financial information industry will be able to
Obtain company financial data in a standardized and predictable form.
Significantly reduce costs by automating many aspects of the gathering and storage of financial data.
Switch efforts from routine data gathering to analysis.
Provide a faster, clearer, deeper and more accurate view of company financial performance.
Produce richer and more usable products containing XBRL data.
Companies in the industry can play an important role in encouraging the adoption of XBRL and transmitting its benefits. A number of companies have already begun to convert their data to XBRL.