XBRL the key point for business
The key point for XBRL format is to let workstations to analyse business data in different periods company-by-company; agreeing to achieve this task to a computer; it provides outcomes earlier and more confidence.
The world is necessary going to a structured data scenario that will be very beneficial to companies, investors, analysers and regulators. Business data reports are growing, converting day-by-day more automatic and active; and can be readable in an only compact file. Here, XBRL is the best option to each profile.
But, first of all, it is important to know exactly what we are talking about:
What is XBRL?
XBRL is an extensible markup language (XML) that allows better reporting correctness and efficacy by tagging the reports using the required taxonomy applicable to the context.
A simply example: Data sharing processes between two different companies. Each one, might have their own establishing and data reporting way. When these data is shared, it is an unwieldy method for one of these two companies; because they need to translate other company info into their own way of reporting. Using XBRL, these complicated processes are reduced into an easy and common way. data is categorised uniformly using a single language defined.
Mainly advantages of using XBRL.
- Time saved: Data compilation and organisation will be faster.
- Costs reduction: The task of data compilation, organisation, or analysis now can now be done by one or two people over the course of a few hours.
- Errors reduction: XBRL can assure data tagging and analysis is uniform, making the reporting process more accurate.
- Transparency provided: XBRL able to hint data points back to their original sources. And, when data is analysed, can track conclusions back to the data points on which they were based.
- Analysis improved: XBRL lets for quicker, more precise data analysis. Able to tag data not only based on number, but on topic as well. Can establish beyond statistics and make data more nearby to all parties in your company
Chances
By using the right taxonomy tags, companies are able to easily, quickly and accurately compare their own data over time, as well as with their competitors. XBRL has its own calculation linkbase, so it helps filers know for sure that calculations in the document are accurate. It also helps promoting consistency and reporting quality.
Reporting Standard Solutions.
We have an extended battery of XBRL tools and service, but the main tool is our XBRLizer to create, edit and visualise XBRL reports.
