Reporting Estándar – XBRL Solutions
«In simple terms, XBRL (eXtensible Business Reporting Language) is a supply chain standard for moving business reporting information in an interactive format. It requires the whole financial and business reporting supply chain to come together and adopt a single standard way of representing the business reporting data. Consistency is the key increasing the value of the data that has been converted to this common platform.”»
Liv Watson – XBRL As a Supply Chain Standard
Within the supply chain, each user profile has different needs. For each user and for each need, Reporting Estándar has a XBRL solution.
XBRL user profiles
Which profile best suits you?
XBRL Solutions for Regulators
For the Financial Market Regulators and Banking Supervision, XBRL has become the standard for the transmission of financial information.
Why XBRL?
- Simplifies the process of collecting and processing information.
- Label, document and validate accurately in the Taxonomy.
- XBRL is an open and royalty-free standard that allows regulators to become independent of the information system used by regulated companies.
Main advantages of XBRL:
- Lower cost and time in reports preparation.
- Greater disclosure and accessibility of information.
- Adaptation capacity to regulatory changes.
- Better analysis possibilities.
- Maximum transparency.
Reporting Estándar - Methodology for Regulators.
Reporting Estándar has developed a project of XBRL solutions for Regulators in two phases:
- PHASE 1:
Realization of the XBRL Taxonomy to be used in the exchange of information between the Regulator and the regulated entities. This will entain the following sub phases: - Teaching of XBRL knowledge.
- Proof of concept.
- Modeling Taxonomy in Excel.
- Construction and Taxonomy test.
- Documentation and shipping to XBRL International
PHASE 2:
Implementation of the technological platform to digitize the reporting process. Likewise, it will suppose the following sub phases: - Analysis of the current technical architecture and design of requirements.
- Implementation of the platform products.
- Parameterization of products and complements; as well as the construction of the specific webpages of the Regulator.
- Integrated tests.
XBRL Solutions for companies
Right now, Regulators, Financial Market Supervisores and Central Banks are estandardizing the reporting format for their regulated companies;
And XBRL is the chosen one.
The XBRL standard has been designed to:
- Make reports models.
- Transmit that información digitally.
Clarity, simplicity and saving.
Reporting Estándar is prepared to provide XBRL solutions to your company in three specific areas of XBRL standard use:
- Automation of the sending information process to Regulators.
- Analysis and comparisons in XBRL.
- Internal information exchange.
Automation of sending information process to the Regulators.
- XBRL knowledge teaching and adaptation to your needs
- Realization of an XBRL report template.
- Implementation and configuration of the data extractor component and XBRL report generator.
Reporting Estándar´s XBRL solutions allows to reduce costs:
- Automatic processes implemented may be used in future shipments to the Regulator.
- Data validators used by Regulators for data reception validators will allow companies to manage their “reputational risk”.
Analysis and comparisons in XBRL.
Regulators publish public reports received in XBRL. Therefore, it is possible to store all this information in XBRL databases that will later be used to analyze and compare your financial information against the competition.
Internal information exchange.
XBRL format will allow you to exchange information between different departments involved in financial reports preparation. In this way, there is a time saving and an productivity and analysis capacity increase.
XBRL Solutions for Analysts / Auditors
The Reporting Estándar´s XBRL software latest version allows to access XBRL report information directly from Excel spreadsheets. Thus, you can have a database where XBRL reports will be sotred along with all necessary data.
You can connect to the data in several ways including:
- Microsoft PowerPivot for Excel 2010.
- Excel functions to data access individually.
- Direct SQL queries to database.
XBRL is the chosen format
Two of the Reporting Estándar´s, products, XBRL Viewer and Editor, allow to:
- Visualize XBRL reports directly in their native format.
- Store open reports in XBRL database (relational database can be Oracle, SQL-Server or PostgreSQL).
- Open XBRL reports directly from XBRL database. No need Internet connection.
In addition, software has a system to automatic SEC (USA) reports synchronization.
- Export current XBRL reports view in Excel format with functions to access to the XBRL database.
- Change Excel function arguments, so you can access to other companies and periods data.
- Create your own formula sheets that use XBRL database information.
XBRL for Regulators
XBRL Solutions for Regulators
For the Financial Market Regulators and Banking Supervision, XBRL has become the standard for the transmission of financial information.
Why XBRL?
- Simplifies the process of collecting and processing information.
- Label, document and validate accurately in the Taxonomy.
- XBRL is an open and royalty-free standard that allows regulators to become independent of the information system used by regulated companies.
Main advantages of XBRL:
- Lower cost and time in reports preparation.
- Greater disclosure and accessibility of information.
- Adaptation capacity to regulatory changes.
- Better analysis possibilities.
- Maximum transparency.
Reporting Estándar - Methodology for Regulators.
Reporting Estándar has developed a project ofXBRL solutions for Regulators in two phases:
PHASE 1:
Realization of the XBRL Taxonomy to be used in the exchange of information between the Regulator and the regulated entities. This will entain the following sub phases:
- Teaching of XBRL knowledge.
- Proof of concept.
- Modeling Taxonomy in Excel.
- Construction and Taxonomy test.
- Documentation and shipping to XBRL International
PHASE 2:
Implementation of the technological platform to digitize the reporting process. Likewise, it will suppose the following sub phases:
- Analysis of the current technical architecture and design of requirements.
- Implementation of the platform products.
- Parameterization of products and complements; as well as the construction of the specific webpages of the Regulator.
- Integrated tests.
XBRL for Companies
XBRL Solutions for companies
Right now, Regulators, Financial Market Supervisores and Central Banks are estandardizing the reporting format for their regulated companies;
XBRL is the chosen format
The XBRL standard has been designed to:
1. Make reports models.
2.Transmit that information digitally..
Clarity, simplicity and saving.
Reporting Estándar is prepared to provide XBRL solutions to your company in three specific areas of XBRL standard use:
1. Automation of the sending information process to Regulators.
2. Analysis and comparisons in XBRL.
3. Internal information exchange.
Automation of the sending information process to Regulators.
XBRL knowledge teaching and adaptation to your needs
- Realization of an XBRL report template.
- Implementation and configuration of the data extractor component and XBRL report generator.
Reporting Estándar´s XBRL solutions allows to reduce costs:
- Automatic processes implemented may be used in future shipments to the Regulator.
- Data validators used by Regulators for data reception validators will allow companies to manage their “reputational risk”.
Analysis and comparisons in XBRL.
Regulators publish public reports received in XBRL. Therefore, it is possible to store all this information in XBRL databases that will later be used to analyze and compare your financial information against the competition.
Internal information exchange.
XBRL format will allow you to exchange information between different departments involved in financial reports preparation. In this way, there is a time saving and an productivity and analysis capacity increase.
XBRL for Analysts / Auditors
XBRL Solutions for Analysts / Auditors
The Reporting Estándar´s XBRL software latest version allows to access XBRL report information directly from Excel spreadsheets. Thus, you can have a database where XBRL reports will be sotred along with all necessary data.
You can connect to the data in several ways including:
- Microsoft PowerPivot for Excel 2010.
- Excel functions to data access individually.
- Direct SQL queries to database.
XBRL is the chosen format
Two of the Reporting Estándar´s, products, XBRL Viewer and Editor, allow to:
- Visualize XBRL reports directly in their native format.
- Store open reports in XBRL database (relational database can be Oracle, SQL-Server or PostgreSQL).
- Open XBRL reports directly from XBRL database. No need Internet connection.
In addition, software has a system to automatic SEC (USA) reports synchronization.
- Export current XBRL reports view in Excel format with functions to access to the XBRL database.
- Change Excel function arguments, so you can access to other companies and periods data.
- Create your own formula sheets that use XBRL database information.
They have relied on our XBRL solutions
Successful Case Studies
The Swedish Registry annually licenses the API and Standard Reporting validators implemented in its Reporting Platform for the receipt and validation of iXBRL documents submitted by Swedish companies to the Registry.
Bolagsverket - Swedish Trade Register
Reporting Estándar has implemented an information system for reporting data and instances of supervised entities in XBRL format at the Colombian Superintendency of Companies.
This includes the supply of licences for the reception, validation and storage of XBRL reports in the Entity as well as the supply of more than 37,000 licences of the XBRL EXPRESS tool for the creation and validation of XBRL reports by the Supervised Entities.
Superintendencia de Sociedades de Colombia
Consultancy to design the structure and elaborate the XBRL Taxonomy for the reporting of Chilean companies.
Service rating: Excellent
Comisión para el Mercado Financiero de Chile
Our expertise, at your service
Why choose us?
More than 18 years of experience working with XBRL
tools and software developed in-house
Technical and financial multidisciplinary team
