Asociación XBRL España - the Spanish XBRL Association - was formally set up on 21 April 2004 with 11 founding members. This was the result of a process initiated in 2002, following the decision by a group of organisations to promote this standard with resolve, as part of a policy geared to the ongoing improvement of financial reporting. The opportunity was taken at that point to become part of a global group of ten pioneering countries, and thus was the Spanish Jurisdiction created.
The initiative was quickly and widely welcomed, and a highly representative sample of firms, each specialised in a specific activity, joined the project. The resulting synergy saw the constitution of the Jurisdiction. Thanks to this decision, XBRL España is today a member of the XBRL International Steering Committee.

XBRL (eXtensible Business Reporting Language) enables financial and business information from different sources and in different formats to be compared, reducing the risk of manual data input and simplifying analysis. XBRL is a magnificent vehicle for providing accurate and reliable information, and is highly suitable for handling data from different sources, entailing less effort in the preparation and use of reports. This is why many firms, in principle with different activities and goals, have decided to commit to this standard, a “cross-sectional” language that affects very different entities in different ways. These range from telecommunications companies to financial auditors, spanning suppliers of hardware and software services, expert accountants, financial analysts, investors, intermediaries, financial markets and many more participants. They play a key role in the Association and their contribution is pivotal to the success of this initiative. This heterogeneous group is known as a “Supply Chain Community”. The domains of accounting, regulation, tax, IT, stock markets, etc. are thus all involved in this move to improve co-operation and the exchange of information. The Spanish XBRL Association has been conceived to implement, adopt and develop XBRL nationally and internationally. It focuses principally on the unification of the standards applicable to the presentation, processing, exchange and disclosure of financial and business information. One of the Association’s priorities is to bring together people and public and private entities in Spain for the implementation and adoption of XBRL. It also seeks to represent XBRL before individuals, organisations, entities, authorities, corporations and public and private bodies.

The Association is working to promote the image and heighten the prestige of XBRL, strengthening and safeguarding interests in its ongoing implementation, adoption and development in Spain, boosting co-operation among members and launching implementation initiatives. Its aims also include the co-ordination of activities, events, seminars and acts, promoting and participating in XBRL studies and research at home and abroad, and advising associates and third parties. In sum, the Spanish Jurisdiction’s mission is to plan and implement the adoption and development of XBRL in Spain and internationally. The Spanish XBRL Association, like some of its members, is a non-profit organisation. Most of its members, however, are commercial enterprises. The Association seeks to encourage co-operation and competition at one and the same time. On one hand co-operation, so that XBRL in Spain may become a shining reality, thus creating a sizable volume of activity. And on the other competition, since it is the companies themselves that must make a mark in this new market. To resolve and smooth future situations, a Facilitator with the status of Vice-Chairman has been appointed within the Association. The Facilitator’s priority task will be to watch over aspects relating to corporate ethics and accountability.

Undoubtedly, the Spanish Association has benefited from the experience and knowledge of the International Consortium. Indeed, in July and September 2004, meetings were held with the international team that has developed the taxonomy for general-purpose financial statements for the financial services industry. The fourteen Spanish participants were able to see at first hand the creation of an international taxonomy and work alongside Charles Hoffman, the “father” of XBRL. Henceforth, an adaptation to Spanish requirements will be needed, developing own regulations within the framework established in XBRL International. Having had the know-how to begin pursuing real projects has, however, proven vital. The Association, like its specialist members, already has ambitious, training-geared plans so as to ensure Spain has suitably qualified human resources. The task of “spreading the word” is thus a priority, the aim being to disseminate the advantages of XBRL by means of events, seminars, acts and a media presence. In short, the goal of the Association is to adapt to local circumstances the principles behind the development of a standard which, by its very nature, should transcend all borders. This is the practical expression of the principle “think globally, act locally”. Each Jurisdiction has, in this connection, wide-ranging autonomy for its operations, and the Spanish Jurisdiction is no exception. We therefore urge companies wishing to harness the knowledge acquired in projects already carried out to join the Association. They can be sure that this is the forum where the exchange of experiences and the planning of new challenges can best be undertaken.

Federico Flórez

Director of the Information Systems Department, Banco de España
Executive Director of XBRL España

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