XBRL News

ERICA - European Records of IFRS Consolidated Accounts

12 February 2008

During its last meeting in Porto, the ECCBSO 3rd Working Group revealed the latest update on the project, reaching a new milestone in the creation of a company information database (ERICA - European Records of IFRS Consolidated Accounts). Build in co-operation with central banks across Europe, ERICA is a database and a filing and storage solution for company balance sheets that are created with a standardised common digital reporting format based on XBRL (eXtensible Business Reporting Language) and on International Financial Reporting Standards (IFRS).

As European companies have to submit financial information (for consolidated amounts) based on the same accounting standards (IFRSs) and in the event that they use the same electronic format (XBRL), ERICA will give users instant access to companies’ financial information and make it possible to compare them easily. In the initial stage ERICA, as a proof of test (with anonymous references), contains data from about 200 non-public companies throughout Europe. In line with the European Commission Transparency Directive, ERICA is publicly available. ERICA can be accessed here.

Should you wish further information about this project, feel free to contact us.