Our 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.”
XBRL As a Supply Chain Standard
Within the supply chain XBRL there are different needs depending on the different types of user. For each need and for each user we present a possible solution. Select the profile that best suits you and see what we can offer you.
XBRL for different profiles
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.
XBRL is the standard selected by regulators for several reasons: It allows them to precisely define the concepts that the companies must use in their reports the concepts can be enriched with labels in several languages and references to literature or laws. The relationships between the concepts can also be documented in the so called XBRL Taxonomy.
The Taxonomy is a plain XML file. In fact, there is nothing in XBRL that is not XML. The XBRL Technology is simply a standardized way to use XML for modeling the content of business reports. Why not plain XML? the simple answer is that plain XML is too flexible and this is against the possibility to create high level end user tools. Thanks to XBRL some of the common things that every project has to implement are already implemented.
Now that XBRL has to be used to report to the regulators, the private companies can also take advantage of it. XBRL can be used to implement the processes of obtaining information for consolidation. XBRL is especially indicated when in the company there are several heterogeneous ERP systems.
Reporting Standard and his business partners can help your company in three areas in relation to the use of the XBRL standard:
First: to automate the process of generating information to the regulators. In this kind of projects me use a three steps methodology:
- Training about XBRL
- Development of a template for the XBRL Report •Set up and configuration of Reporting Standard ETL components to fully automate the process
This methodology guarantee the success of the project and also reduce the project cost to the minimum. The ETL platform, once configured, can be used each time a report needs to be generated.
By using the same validation components that the regulators uses at the time they receive the reports the companies can better handle the “Reputational Risks” of submitting incorrect reports.
Second area of collaboration is the company as a consumer of XBRL reports. Once that there is information in the XBRL format available, and due to the fact that regulators are publishing the XBRL reports they receive (if they corresponds to public information) then a company can store and analyze all that information internally in XBRL Databases. The information can be used to analyze and compare performance of the company with other companies in the same industry.
The third area is for internal use in the processes of establishing and sending reports to other departments inside the organization. The advantage of using standard can facilitate these processes and provide better documentation in an standardized way so the report builders can concentrate on the data that has to be sent and avoid spending money just on understanding the reporting needs, fixing communication problems or spending money on implementing proprietary communication formats.
By using the XBRL standard there is already software available, methodologies and procedures so the business requirements are the project drivers and not the technology.
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.
The XBRL reporting process has advantages over the way reports are assembled and distributed today because XBRL allows for:
- Lower preparation cost
- Reduced preparation time
- Broader information availability
- Adaptability to changing reporting requirements
- Enhanced analytical capabilities
- Increased transparency
Who is using XBRL? at this stage the list of public institutions using XBRL is so large that there is no a single point where all data can be collected. The following link: http://www.xbrlwiki.info/index.php?title=XBRL_PROJECTS would give you an idea about.
The methodology used by Reporting Standard for projects in public institutions consist on splitting the project in two phases:
During Phase 1: An XBRL Taxonomy is created for the exchange of information between the regulator and the regulated entity.
The project on phase 1 contains 5 sub phases
- XBRL Training
- Show case
- Taxonomy development using Excel
- Taxonomy modularization and test cases
- Documentation and acknowledge by XBRL International
During Phase 2: the digital reporting platform is configured according to the project needs.
The sub phases of phase 2 are
- Analysis of the technical infrastructure and collection of business requirements
- Set up of the products in the platfrom according to project needs
- Parameterization of the software components and building of the user interface according to regulator needs
- Platform Testing
Contact us for more information.
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.
You’ll be able to access all the information stored in multiple ways, including:
- From Excel using specific Excel functions.
- From Microsoft PowerPivot for Excel 2010.
- Directly using plain SQL sentences. XBRL and Excel Data Repository
Review what you can do with XBRL and Excel:
- You may use XBRLviewer or XBRLizer for opening XBRL Reports and visualize them directly in the native format.
- You may store the XBRL report you have just opened into XBRLiler or XBRLviewer into the XBRL Database (which is installed on top of a relational database that can be Oracle, SQL-Server or PostgreSQL)
- Then, you can open the documents directly from the XBRL Database. You don’t need Internet connection
- The software automatically synchronizes the database content with the latest reports submitted to the SEC
- You can export the current view from XBRLizer or XBRLviewer into an Excel spreadsheet that contains functions to access to the XBRL data directly into the XBRL Database.
- Change the Excel function arguments so you can dynamically access other periods or other companies Excel functions access to data in XBRL
- You can access all data stored into the XBRL Database. There is more information in the WIKI. It is up to you how you define your excel sheets so you can benefit from all available XBRL information now.
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.
From the functional perspective, XBRL would allow auditing firms to collect information about their clients using the same technology by using a common standard (XBRL). All corporate organizations would have the possibility to “Export” data to XBRL. This goal is also shared with Tax Agencies that requires to have access to the same information when supervising companies.
From the practical point of view, XBRL allows auditing firms to create strong relationships and get better knowledge about what really happens inside a company. The use of XBRL facilitates the function of creating the auditing report.
In the future, XBRL could be used as the standard for implementing Continuous Auditing
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.
The development of technical documentation like the XBRL Infoset allows us to develop the highest quality software in regard to the coverage of the XBRL standard. The XBRL API of Reporting Standard is the most complete in the market as it has been demonstrated by the number of products that are currently using this API.
Reporting standard is currently researching about the use of the XFORMS technology in regard to XBRL. Reporting Standard has established links with IMB (in Canada) and SATEC (A Spanish firm) that are members of the XFORMS working group at the W3C consortium. XFORMS and XBRL can be used together to allow the development of standard forms to be distributed along with the taxonomy. Client applications that understands the XFORMS specification could represent XBRL data inside the forms or use that forms to let the user produce valid XBRL reports.
Reporting Standard has created a validation module based on the XQUERY standard from the W3C. XQUERY is an XML expression language (not a programming language). that means that XQUERY can be also used to define the functions that can be used to validate the instance document and the content of the DTS. The XQUERY language is based on XPath 2.0 that is a huge step forward in regard to the use of typed XML elements.
Why you can trust in us
More than 10 years of experience working with XBRL
We develop our own software
Technical and financial multidisciplinary team
XBRL Certified software
Some of our projects
Consultancy to design the structure and elaborate the XBRL Taxonomy for the report of Chilean companies
Service rating: Excellent
Extension of the IFRS 2010 Taxonomy for the Superintendency of Securities and Insurance of Chile
Qualification of the service: The advice for the development of the extension was made in a professional manner and on time, following the highest quality standards.
Consultancy for the development and implementation of an XBRL taxonomy in SBS
Service rating: Excellent