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

Extensible Business Reporting Language (XBRL) is being adopted by
European regulators as a data standard for the exchange of business information. This
paper examines the approach of XBRL International (XII) to the meta-data standard’s
development and diffusion. We theorise the development of XBRL using concepts
drawn from a model of successful open source projects. Comparison of the open source
model to XBRL enables us to identify a number of interesting similarities and
differences. In common with open source projects, the benefits and progress of XBRL
have been overstated and ‘hyped’ by enthusiastic participants. While XBRL is an open
data standard in terms of access to the equivalent of its ‘source code’ we find that the
governance structure of the XBRL consortium is significantly different to a model open
source approach. The barrier to participation that is created by requiring paid
membership and a focus on transacting business at physical conferences and meetings
is identified as particularly critical. Decisions about the technical structure of XBRL,
the regulator-led pattern of adoption and the organisation of XII are discussed. Finally
areas for future research are identified.