Reporting Standard – XBRL Solutions
Reporting Standard – 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 Standard 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?
XBRL Solutions for Regulators
- 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.
Who is using XBRL at the moment?
Reporting Standard – Methodology for Regulators.
Reporting Standard has developed a project of XBRL solutions for Regulators in two phases:
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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:
- Knowledge XBRL teaching.
- Proof of concept.
- Modeling Taxonomy in Excel.
- Construction and Taxonomy test.
- Documentation and shipping to XBRL International
- 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:
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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 test.
- Implementation of the technological platform to digitize the reporting process. Likewise, it will suppose the following sub phases:
XBRL for companies
Right now, Regulators, Financial Market Supervisores and Central Banks are estandardizing the reporting format for their regulated companies; and XBRL i the chosen one.
XBRL standard has been designed to:
- Make reports models.
- Transmit that información digitally.
Clarity, simplicity and saving.
Reporting Standard 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 Standard 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 Standard 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 Utilities – XBRL Viewer and XBRL Editor
Two of the Reporting Standard products, XBRL Viewer and Editor, allows 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.
Why choose us
Some of our projects
Consultancy to design the structure and elaborate 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 e implementation of an XBRL taxonomy in SBS
Service rating: Excellent