To say that regulatory reporting changes in the blink of an eye would be an exaggeration, but the pace is quickening, and it’s already a matter of months, not years. For the most part, most National Competent Authorities (NCA’s) have already begun to recognize the power of using open data standards (particularly XBRL) for reporting. You might ask, why? Better data leads to better decisions, and in the simplest of terms, XBRL aids NCA’s in faster and more cost-effective comparison of financial information submitted by many reporting entities.