Powerful reporting standard with XBRL
The XBRL standard is the international standard for digital reporting of financial and non-financial information (performance, risk, compliance etc.); due to its large variety of specifications, it can be used for many reporting usages. The XBRL standard has important features:
- It is open, XBRL specifications are freely licensed to anyone seeking to use the standard.
- It is designed to build reporting system defined by the business following standardized workflow.
- The XBRL specifications are extensible, it means that you can add your own specifications or your can enrich existing specifications.
XBRL provides a way to:
- define unambiguous, reusable definitions
- report individual facts against those definitions
- where necessary (and permitted) extend those definitions to take account of unique reporting ideas or aggregations
- test the resulting report against the constraints set out in the definitions
- file or publish the finished report
- consume entire reports or individual facts as needed
At present, there are no other standards more attractive and powerful for reporting implementation than XBRL.
Acsone’s excellence: revealing the best of XBRL to your business
Acsone proficiency is focused on XBRL specifications and solutions for its implementation. Driven by a model-based approach, we are able to establish the harmonious and powerful links between your specific business requirements and its technical implementations.
Here are some paths that we usually investigate:
- Plugins are an efficient way to smooth the gap between business and technologies. Plugins can be implemented around Arelle Open-source project or Arevio software; the arbitrage between Arelle and Arevio can depend on the feature you are looking for; Arevio gives more capabilities for the rendering and the Excel support; it manages in a uniform way the presentation linkbase and the table linkbase; this mitigation of the XBRL data presentation makes XBRL more intuitive, more natural.
- Taxonomy extension is another approach; for example, the famous ESEF extension consists of solving the issue of personalizing the structure of your annual report to better reflect your activities; this strategy can be applied to other “personalization”; for example, rubric codes can be added to your taxonomy to include National Standard Chart of Accounts.
Let’s explore how we can collaborate. Book your personalized demo now.