About 70% of the work at Reporting Standard S.L. is devoted to Research and development of the XBRL Standard. In the main menu of this page you can see what has been our contributions.

The outcome of the Research and Development is the Specifications that complements the functionality of the XBRL Standard. One example is the Dimensions Specification 1.0 (now a Recommendation of XBRL International) or the Versioning Specification that is currently under development.

Read more: XBRL Research & Development

Why are we talking about XBRL in the Auditing world? The answer is very simple. XBRL was first conceived by an Auditor (Charlie Hoffman CPA) and pushed in the first years by AICPA (American Institute of Certified Public Accountants). This is the reason why, since the beginning, the most important auditing firms (the big four) has been involved in the development.

Read more: XBRL in the auditing world

It is a fact that regulators like Central Banks and Stock Exchange supervisors are rapidly implementing XBRL all over the world. In the surface, this is just changing the format of a document and it would not be so important if only a small number of regulators were doing the same. The importance of this movement comes once companies realize that there is a standard for exchanging reports and that is is the same standard all over the world. This is, in fact, reducing the cost of being global.

Read more: XBRL for private companies

Now it is possible to access to vast XBRL data directly from Excel spreadsheets. In order to do that all you need to do is to install latest version of Reporting Standard S.L. software. Access to the downloads page. Then, setup the database using XBRLizer and start storing XBRL reports. The tool allows you to store all reports published to the US-SEC automatically into a relational database.

Read more: XBRL for analysts

XBRL is now the standard for transmission of financial information between the most important regulators in the financial market and banking supervision institutions. XBRL simplifies the processes of collecting information and processing it due to the reason every little piece of data is tagged for the data transmission and each concept used is documented in the taxonomy. The data can be validated on the receivers side and on the senders side. On the other side, XBRL is a royalty free standard that allows regulators to be isolated from the information systems on the data preparers side.

Read more: XBRL for Regulators

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