In a continued effort to educate on the development of XBRL technology in industries such as financial services (and beyond), Merrill Corporation will share articles and columns published on the topic.
Anyone that has visited Bermuda for relaxation purposes knows that the islands offer an outstanding atmosphere for forgetting about day-to-day business life. However, for those interested in learning new best practices for the use of XBRL, Bermuda just maybe the place to enhance your day-to-day business life.
This week, the Bermuda Monetary Authority was recognized for helping to develop a new computer-based insurance reporting system using XBRL. The BMA was named as one of the first regulators in the world, "to adopt XBRL for insurance regulatory reporting and the standardized exchange of financial information between the Authority and Bermuda’s (re)insurance firms," according to the International Financial Reporting Standards (IFRS) Foundation. This puts the monetary authority of the 20 square mile island on par with organizations like the European Banking Authority and China.
This is another example of the evolution of XBRL's capabilities. From insurance to mutual funds, the technology is not only being adapted throughout the financial industry, but throughout the world...even to our favorite vacation spots.
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