XBRL   Current submission of regulatory reports is resource intensive, requiring expensive employees to understand and interpret company data for report production. Regulators have also historically had problems understanding and interpreting reports from various organisations, leading to further interaction with companies to verify report content. Government agencies are now working to standardize regulatory reports. In 2008, the United States Securities and Exchange Commission (SEC) mandated that public companies provide their financial statements to the Commission and on their corporate web sites in XBRL (Extensible Business Reporting Language). This is an important step forward in ensuring accurate and succinct reporting of an organization's performance. By standardizing reference data using open standard taxonomies (classifications of data), it is clear the regulator will benefit from consistent reporting using nationally and internationally agreed data terms and definitions. Given regulators have defined the way forward with regulatory reports; a new era has dawned in the standardization of data within organizations. The opportunity now exists to further develop this work into standardising all regulatory data throughout all industry sectors. XBRL has opened the door to streamlining regulatory reporting. This paves the way for a new partnership between regulator and organization.   .