Quickly, efficiently and reliably analyse and compare data. Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information.
Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. Monitor data and activities and reach judgements with greater speed and confidence.
At this point, you may be wondering what relevance XBRL holds for you and your business. Why is it important and what does it do? Instead of treating financial information as a block of text — as in a standard internet page or a printed document — it provides an identifying tag for each individual item of data.
Find out more by exploring this site. Translations of definitions can also be added by third parties. To get this right, the duplication and inconsistency of business information reported to various government agencies is dramatically reduced.
Business registrars that need to receive and make publicly available a range of corporate data about private and public companies, including annual financial statements. A family member of "XML" languages, it is becoming a standard means of communicating information between businesses and of sharing data online.
Additionally, incorrect filings may be rejected by regulators, often resulting in fines. By joining you are directly contributing to a global effort to improve reporting.
Enter data into systems without reformatting or translating it.
The XBRL community makes extensive use of this capability as it can automatically open up reports to different communities. XBRL is relevant for government agencies looking to harmonise data definitions or consolidate reporting obligations.
These transactional capabilities allow system-independent exchange and analysis of significant quantities of supporting data and can be the key to transforming reporting supply chains. Added value Many reporters have limited experience or skills to verify the process and output of their XBRL reports and the correct application of the XBRL filing requirements, whether they choose to outsource or do the reporting in-house.
This is computer readable. Companies Companies that need to provide information to one or more of the regulators mentioned above.
Investors that need to compare potential investments and understand the underlying performance of existing investments. Analysts and Investors Analysts that need to understand relative risk and performance. XBRL is used in many different ways, and for various purposes, by people in separate roles.
You are more than welcome to enquire about other products below: Get in touch with us today. Clear Definitions XBRL allows the creation of reusable, authoritative definitions, called taxonomies, that capture the meaning contained in all of the reporting terms used in a business report, as well as the relationships between all of the terms.
Securities regulators and stock exchanges that need to analyse the performance and compliance of listed companies and securities, and need to ensure that this information is available to markets to consume and analyse.
Assessing the completeness, accuracy and consistency of XBRL-tagged data helps to minimize the risk of communicating incorrect information to stakeholders.
People that want to report information, share information, publish performance information and allow straight through information processing all rely on XBRL. Strong Software Support XBRL is supported by a very wide range of software from vendors large and small, allowing a very wide range of stakeholders to work with the standard.
Data Providers Specialist data providers that use performance and risk information published into the market place and create comparisons, ratings and other value-added information products for other market participants.
Business reports that fail critical rules can be bounced back to the preparer for review and resubmission. Accountants are usually involved in XBRL reporting.
Supply chains that need to exchange information to help manage risk and measure activity. Eliminate duplications and differences in reporting. Interested in finding out more? Multi-lingual Support XBRL allows concept definitions to be prepared in as many languages as necessary.Analysts and Investors.
Analysts that need to understand relative risk and performance. Investors that need to compare potential investments and understand the underlying performance of existing investments. Accountants. Accountants use XBRL in support of clients reporting requirements and are often involved in the preparation of XBRL reports.
CIPC (Companies and Intellectual Property Commission) launched digital financial reporting via XBRL (eXtensible Business Reporting Language) on July 1 Once they know about XBRL, many investors and analysts say they are eager to use XBRL detail-tagged footnote data (in particular) in significant and noticeable amounts and ways.
Most investors and analysts would like more detailed tagging (e.g., tagged MD&As and earnings releases), not less. XBRL stands for eXtensible Business Reporting Language. Put simply, it is a standard that was developed to improve how financial data is communicated.
A family member of "XML" languages, it is becoming a standard means of communicating information between businesses and of sharing data online.
Regulators, investors, companies, and analysts increasingly use XBRL data for their analyses. This enhances the need for reporters to control the quality of the digital disclosure of financial and non-financial mi-centre.comtion: Director.
Evidence from Reactions of Financial Analysts and Institutional Investors Young Jun CHO Singapore Management University, [email protected] and companies use XBRL taxonomies to prepare their financial statements for interactive filings.
Currently, Such evidence is relevant for regulators because it could be premature to.Download