Hans Hoogervorst, chairman of the International Accounting Standards Board, said Wednesday that he believes Extensible Business Reporting Language, or XBRL, has “the potential to improve the effectiveness of financial reporting.”

The use of XBRL data-tagging technology has been catching on globally, including in the United States, where it was mandated by the Securities and Exchange Commission for the financial filings of public companies in recent years. In the U.S., the Financial Accounting Standards Board oversees the XBRL taxonomy for U.S. GAAP, while the IASB is involved with the XBRL taxonomy for International Financial Reporting Standards.

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