#xbrl reporting software

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Today, XBRL plays an important role in the generation and use of financial information. As an XML-based standard, XBRL requires computer platforms, software applications, and accounting standards. However, when it comes to selecting the best software from multiple options, you may get confused. Not anymore, choosing the right XBRL reporting software can be easier when you know the seven aspects below.

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How to Choose the Best XBRL Reporting Software?

How to Choose the Best XBRL Reporting Software?

Today, XBRL plays an important role in the generation and use of financial information.

As an XML-based standard, XBRL requires computer platforms, software applications, and accounting standards.

However, when it comes to selecting the best software from multiple options, you may get confused. Not anymore, choosing the right XBRL reporting software can be easier when you know the seven aspects below.

It’s important to highlight the best features of XBRL software so that you can look for these features while choosing an appropriate XBRL technology solution. Here are some essential features that can let you operate all the XBRL tasks easily.

#1 EASY INTEGRATION OF SOURCE DATA

As an organization, you can source data from a wide variety of enterprise applications. Now, the data sources you find vary in formats such as databases, spreadsheets, or XML files. Therefore, you should get a solution or software that easily integrates these data. Secondly, it needs to provide automatic sourcing of data and user-initiated sourcing of data.

#2 TAGGING OF INFORMATION

To master tagging, you need to have extensive knowledge of your business and information requirements. In XBRL, mapping files are used for the conversion and instance document generation process. The process requires further care as mapping determines the quality of the submitted data. If you rely on software instead of manual tagging, the software needs to provide an intelligent tagging feature.

#3 SMART SEARCH OF TAXONOMY ELEMENT

In tagging, the source data and taxonomy are deeply associated. There are approximately 5,030 elements in ESMA Taxonomy and more than 17,000 elements in US GAAP taxonomy. Hence, the process of finding the most appropriate XBRL element for tagging can be difficult for you. You can look for software that offers you an easy and context-based search facility.

There are other important features related to tagging such as mapping management, source document tagging, etc.

#4 COMPLEX DATA MANAGEMENT

In financial reports, both financial data and narratives remain present. Now, most of the information comes in a tabular manner or formatted content. It is done mostly for better presentation and analysis.

Therefore, your software should be capable of tagging the formatted content in the source document. Secondly, it should also maintain the same formatting in the instance document.

#5 XBRL TAXONOMY FEATURES

Taxonomy vision management is a vital aspect of XBRL reporting software. It should be capable of rolling the taxonomies forward from period to period. Customization of Taxonomy is another feature that your software should have.

Every company is exclusive and requires customization in XBRL services. The software should allow you to create and record a new element when a concept is not present in the taxonomy.

Taxonomy published by Regulator is subject to updates. Software should have the ability to quickly move from the older version to the newer version of the taxonomy.

#6 COMPREHENSIVE VALIDATION

The rules of XBRL are constantly changing and therefore, your software should come with comprehensive validation. It should be capable of providing an integrated process of validating all the criteria.

There should be validation at every stage of the process apart from a final validation. Also, it needs to provide a user-friendly report for resolving errors. Larger organizations often require a larger set of validation and business rules. For them, this feature is mandatory.

#7 INSTANCE PREVIEWER

Your XBRL software needs to have an easy instance previewer. This feature helps you to go through the report before creating an instance document or submitting it. As a result, you can get a feel of how the information tagged is looking in your instance document.

Now that you know the seven essential features of an XBRL reporting software, go ahead and get the most appropriate software for your business. If you are looking for a company to provide FERC XBRL software and other smart solutions at an affordable cost, you can feel free to get in touch with us.

We, Ez-XBRL, provide all the essential tools and technologies for creating accurate XBRL documents. We are recognized as one of the top companies providing XBRL consultation and solutions in the USA.

XBRL 2.1 specifications and complies with the XBRL conformance suite are supported by our services and products.

Our solutions are the most updated ones that comprise the features mentioned above. So, why wait anymore?

Call us today to learn more about our products and services.

Article Source : https://ez-xbrl.com/blog/how-to-choose-the-best-xbrl-reporting-software/

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Improving Government Financial Reporting

In their new publication, Building Momentum: Preparing for XBRL in Government, the AGA (Association of Govt Accountants) Journal of Government Financial Management provides details of the need for better and more timely financial information, the need for structured data standards such as XBRL to be leveraged for this, and the benefits that will accrue to various stakeholders. It outlines the current state of publicly-available CAFR or annual audit reports, the need for the use of a reporting standard such as XBRL to facilitate comparability and analysis, and the benefits to all concerned in the process.

The article mentions developments at the Federal level through the DATA Act and the GREAT Act, the developments in Florida for implementing XBRL-based reporting by local governments, and recent developments within the XBRL community through XBRL US and the work done by the State and Local Government Disclosure Modernization working group. Ez-XBRL Solutions has been part of this since its inception and contributed in multiple ways.

The article has been authored by Shannon Sohl, PhD, CPA, Senior Research Associate at Northern Illinois University’s Center for Governmental Studies, Jacqueline Reck, Ph.D., CPA, professor in the Muma College of Business, University of South Florida, and Tammy R. Waymire, Ph.D., CPA, associate professor of accounting in the Jones College of Business, Middle Tennessee State University.

Article Source : https://ez-xbrl.com/blog/improving-government-financial-reporting/

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Top 5 Benefits of Inline XBRL for Funds and Operating Businesses

The US Securities and Exchange Commission (SEC) declared significant changes to its reporting prerequisites for funds and operating businesses in June 2018.

The necessary changes imply that the operating firms would use inline XBRL or iXBRL while filing a financial report as well as by funds companies while filing return or risk summaries.

HOW IXBRL IS DIFFERENT FROM XBRL

XBRL document requires a rendering engine to present the data in a human-readable format, whereas iXBRL document can be opened in any normal browser.

Though the shift to iXBRL would come into effect in the future over many years, there are many reasons why iXBRL is beneficial for financial reporting.

BENEFITS OF IXBRL REPORTING

There are many benefits of iXBRL reporting. According to a current Financial Executive Podcast, you will find the perspectives of several XBRL professionals who talk about the new iXBRL prerequisites from the SEC. Some of the top benefits are:

#1 Less duplication

With the SEC’s declaration to start iXBRL filing for operating businesses and funds, it would lessen the reporting load for some organizations because, until that time, separate HTML and XBRL reports filed.

With the use of iXBRL, the need for duplicate reports will not become necessary anymore.

#2 Enhanced quality of data

One of the major issues as observed by the SEC is data quality mistakes when it comes to submissions by the filers. When you have an iXBRL viewer, it must allow small and large filers to recognize the frequent reporting mistakes with ease leading to high-quality submissions and enhanced quality of data.

#3 Simpler evaluation

When organizations use consistent tags for the frequent reporting items, the shift to iXBRL must make it simpler for analysts and investors to make a comparison of the position and performance of numerous businesses, thus ensuring benchmarking a more user-friendly and faster process.

When you have an iXBRL portal in place, it ensures the transparency of the company and financial data to investors. Standardized and structured data enable a simpler comparison of business reporting as well as evaluation.

#4 iXBRL is to stay for a long time

It is true indeed that iXBRL will stay, at least in the future. With many regulators across different nations embracing iXBRL for financial reporting, iXBRL’s recognition and popularity will not fall in the days to come.

#5 Beneficial for SEC and software providers

Did you know that iXBRL provides quality of life enhancements concerning reporting procedures and quality of data? Then, it also benefits you when it comes to accessibility of data and cost.

Therefore, iXBRL will prove beneficial in the future. It is great news not only for regulators like the SEC but also for investors, software providers, as well as, analysts if you consider the bigger picture.

FINAL WORDS

iXBRL is a step ahead of XBRL because the information captured via iXBRL is simpler for people to read.

That is because you can open iXBRL documents using any standard browser, while one can read XBRL documents only via an XBRL viewer.

Filers and regulators all over the world use XBRL for reporting business as well as financial details.

Today, more than 100 regulators use it in over 60 countries.

Did you benefit? Feel free to comment.

Article Source : https://ez-xbrl.com/blog/top-5-benefits-of-inline-xbrl-ixbrl/

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The US Securities and Exchange Commission (SEC) declared significant changes to its reporting prerequisites for funds and operating businesses in June 2018. The necessary changes imply that the operating firms would use inline XBRL or iXBRL while filing a financial report as well as by funds companies while filing return or risk summaries. Filers and regulators all over the world use XBRL for reporting business as well as financial details.