XBRL: an (open) source of enlightenment or disillusion?

Extensible Business Reporting Language (XBRL) is being adopted byEuropean regulators as a data standard for the exchange of business information. Thispaper examines the approach of XBRL International (XII) to the meta-data standard’sdevelopment and diffusion. We theorise the development of XBRL using conceptsdrawn from a model of successful open source projects. Comparison of the open sourcemodel to XBRL enables us to identify a number of interesting similarities anddifferences. In common with open source projects, the benefits and progress of XBRLhave been overstated and ‘hyped’ by enthusiastic participants. While XBRL is an opendata standard in terms of access to the equivalent of its ‘source code’ we find that thegovernance structure of the XBRL consortium is significantly different to a model opensource approach. The barrier to participation that is created by requiring paidmembership and a focus on transacting business at physical conferences and meetingsis identified as particularly critical. Decisions about the technical structure of XBRL,the regulator-led pattern of adoption and the organisation of XII are discussed. Finallyareas for future research are identified.