XBRL will help every organization, in every industry, around the world to internet-enable its business reporting and analysis, and thus reduce their costs and risks and increase their ability to make more informed decisions.
Why XBRL - Preparing for the Future of Your BusinessBrian Hill
The document discusses the benefits and requirements of XBRL (eXtensible Business Reporting Language) filing for public companies. It notes that the SEC now requires public companies to tag financial reports with XBRL by 2011. There are three main options for companies to file in XBRL: outsource tagging, use independent software, or integrate a software solution. The document recommends an integrated software solution as it can automate tagging, reduce filing time by 30%, and provide long term benefits by linking tags to source data and facilitating reporting across systems.
Second wave benefit of xbrl liv watson brian mc_guireWorkiva
Although XBRL is broadly hailed as revolutionary, its
adoption has been more evolutionary in its incremental
standards development and almost stationary in its
implementation
XBRL is a standardized language used to communicate business and financial data. It provides benefits like cost savings, greater efficiency and improved accuracy. XBRL documents filed by companies should include information from their annual reports like the balance sheet, profit and loss statement, cash flow statement, and notes to accounts. Applicable companies are those listed in India, their subsidiaries, and companies with a paid up capital over Rs. 5 Crore or turnover over Rs. 100 crore. XBRL works by using a taxonomy to define reporting elements, which companies then use to generate a valid XBRL instance document mapping their financial data.
XBRL Factor: Extensible Business Reporting Language is HereBusiness Wire
Still confused about XBRL? Not quite sure what the "X" factor is all about or when to extend? Join us for this session which should clear the air on these points as well as provide a briefing on the SEC requirements of XBRL--Extensible Business Reporting Language, which the SEC has mandated. We'll share the lessons learned from the first filers and offer tips on what you should be doing now.
The SEC's XBRL mandate, the mechanics of tagging, and the basics of XBRL taxonomy will be covered--and we'll leave plenty of time to answer your questions.
If you're responsible for the financial reporting of your company or work in investor relations or communications for a public company, you won't want to miss this FREE webinar.
Xbrl the future of financial reporting by ca. nirmal ghorawatNirmal Ghorawat
This document provides an introduction to XBRL (eXtensible Business Reporting Language) and its benefits. It discusses that XBRL allows for automated processing of business information through tagging individual data items, reducing errors and manual work. XBRL development is led by XBRL International consortium. The document also notes that India has mandated filing of annual reports for specified companies using XBRL, and that XBRL adoption is growing worldwide for financial reporting.
As banks prepare themselves for the open banking journey and being able to share high-quality and accurate data with third parties, they face two immediate needs - a strong data governance and a robust data management framework that offers adequate data privacy and security measures.
The document discusses the concept of takeovers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. It defines key terms like target company, acquirer, person acting in concert, deemed person acting in concert. It explains the requirements for making an open offer like when an open offer is required for substantial acquisition of shares or voting rights or acquisition of control. It outlines the offer size, offer price and mode of payment. It provides for general exemptions and discusses disclosures around shareholding and control that are required.
Why XBRL - Preparing for the Future of Your BusinessBrian Hill
The document discusses the benefits and requirements of XBRL (eXtensible Business Reporting Language) filing for public companies. It notes that the SEC now requires public companies to tag financial reports with XBRL by 2011. There are three main options for companies to file in XBRL: outsource tagging, use independent software, or integrate a software solution. The document recommends an integrated software solution as it can automate tagging, reduce filing time by 30%, and provide long term benefits by linking tags to source data and facilitating reporting across systems.
Second wave benefit of xbrl liv watson brian mc_guireWorkiva
Although XBRL is broadly hailed as revolutionary, its
adoption has been more evolutionary in its incremental
standards development and almost stationary in its
implementation
XBRL is a standardized language used to communicate business and financial data. It provides benefits like cost savings, greater efficiency and improved accuracy. XBRL documents filed by companies should include information from their annual reports like the balance sheet, profit and loss statement, cash flow statement, and notes to accounts. Applicable companies are those listed in India, their subsidiaries, and companies with a paid up capital over Rs. 5 Crore or turnover over Rs. 100 crore. XBRL works by using a taxonomy to define reporting elements, which companies then use to generate a valid XBRL instance document mapping their financial data.
XBRL Factor: Extensible Business Reporting Language is HereBusiness Wire
Still confused about XBRL? Not quite sure what the "X" factor is all about or when to extend? Join us for this session which should clear the air on these points as well as provide a briefing on the SEC requirements of XBRL--Extensible Business Reporting Language, which the SEC has mandated. We'll share the lessons learned from the first filers and offer tips on what you should be doing now.
The SEC's XBRL mandate, the mechanics of tagging, and the basics of XBRL taxonomy will be covered--and we'll leave plenty of time to answer your questions.
If you're responsible for the financial reporting of your company or work in investor relations or communications for a public company, you won't want to miss this FREE webinar.
Xbrl the future of financial reporting by ca. nirmal ghorawatNirmal Ghorawat
This document provides an introduction to XBRL (eXtensible Business Reporting Language) and its benefits. It discusses that XBRL allows for automated processing of business information through tagging individual data items, reducing errors and manual work. XBRL development is led by XBRL International consortium. The document also notes that India has mandated filing of annual reports for specified companies using XBRL, and that XBRL adoption is growing worldwide for financial reporting.
As banks prepare themselves for the open banking journey and being able to share high-quality and accurate data with third parties, they face two immediate needs - a strong data governance and a robust data management framework that offers adequate data privacy and security measures.
The document discusses the concept of takeovers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. It defines key terms like target company, acquirer, person acting in concert, deemed person acting in concert. It explains the requirements for making an open offer like when an open offer is required for substantial acquisition of shares or voting rights or acquisition of control. It outlines the offer size, offer price and mode of payment. It provides for general exemptions and discusses disclosures around shareholding and control that are required.
XBRL (eXtensible Business Reporting Language) is a freely available electronic language for financial reporting that provides an XML-based framework for creating, exchanging, and analyzing financial information. It allows companies to prepare financial statements digitally so that information can be rendered in multiple formats like printed reports, websites, and regulatory filings without reentry of data. The benefits of XBRL include more efficient financial reporting, automated analysis of data, and lower costs of preparing and distributing financial information.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
XBRL stands for eXtensible Business Reporting Language - an language for the electronic communication of business and financial data which provides major benefits in the preparation, analysis and communication of business information and offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data; now being put to practical use in a number of countries including India
XBRL (eXtensible Business Reporting Language) is a standard for electronic communication of business and financial data that addresses issues with traditional manual financial reporting processes. It allows companies to produce reports more quickly and accurately according to a common global standard. XBRL works by applying standardized "tags" to each item in a financial report to identify what it represents and how it relates to other items, like barcodes. This allows for faster and more efficient retrieval and comparison of financial data.
The document announces that certain classes of companies in India will be required to file financial statements in XBRL format starting in 2010-2011. It covers all listed companies and their subsidiaries, as well as unlisted companies with paid-up capital over Rs. 5 crore or turnover over Rs. 100 crore. A taxonomy has been developed based on existing Schedule VI and Accounting Standards. Frequently Asked Questions about XBRL are provided to help stakeholders understand XBRL.
The document is a circular from the Ministry of Corporate Affairs in India mandating certain large companies to file financial statements in XBRL format starting in 2010-2011. It specifies that listed companies and other large companies must use XBRL taxonomy developed for the existing accounting standards. Training will be provided and an additional filing fee exemption is permitted for companies filing by September 30, 2011. Annexures provide frequently asked questions about XBRL and contact information for training.
The document discusses how XBRL (Extensible Business Reporting Language) can improve financial reporting by allowing financial data to be tagged and exchanged in a standardized, machine-readable format. It outlines how XBRL reduces costs and improves efficiency of financial analysis by enabling automated extraction and comparison of financial data. The SEC now mandates public companies to submit financial reports in XBRL format.
1) XBRL (eXtensible Business Reporting Language) is a common global standard for exchanging business information that allows for the automated exchange and reliable extraction of financial information across all software formats and technologies.
2) XBRL reduces costs and enables quick information analysis by allowing tagged financial information to be transmitted in many formats and deployed with various analytical tools for users such as investors, financial publishers, auditors, regulators, and management.
3) XBRL works by defining a taxonomy or structure for financial data, then creating instance documents that tag financial statements and reports with that taxonomy so they can be read and analyzed by any software application using the same taxonomy definitions.
The document discusses how XBRL (eXtensible Business Reporting Language) is an open standard for tagging and exchanging business data that provides many benefits for financial reporting and analysis. It argues that XBRL adoption will initially focus on financial reporting due to government regulations, but will eventually be used more broadly by companies for other business activities. XBRL allows data to be easily transferred and consolidated across systems, which can improve internal controls, facilitate mergers and acquisitions, and integrate operational and financial reporting systems.
04 07 2010 Washington Dc Xbrl A Language Of The Government WorldWorkiva
1. The document discusses how XBRL (eXtensible Business Reporting Language) is being adopted by governments around the world to improve transparency and reduce costs of financial reporting.
2. Key examples discussed include the Standard Business Reporting initiative in Australia, bills in the US Congress to require federal agencies to use XBRL, and the European Commission's support for using XBRL to interconnect business registers across Europe.
3. The benefits of XBRL for governments include making financial data more accessible, comparable, and able to be automatically processed and analyzed. This allows both businesses and governments to save money on reporting and handling financial information.
Accounting Information Systems - XBRL Research PaperKesha Haley
*Please do not use any material in this document without proper citation. The use of any material in this document without such citation constitutes plagiarism. Thank you.*
This paper was completed in partial satisfaction of course requirements for ACCT 8230 - Accounting Information Systems - at Kennesaw State University during the Spring 2009 semester. The paper explores the new form of submitting financial statements, XBRL (eXtensible Business Reporting Language), a subset of XML (eXtensible Markup Language).
Xbrl Ireland XBRL Update Dealing with Mandatory ReportingConor O'Kelly
XBRL is a data standard that standardizes company-specific financial reporting terminology and allows comparison of financial statements across companies and reporting periods. It provides more timely access to and analysis of financial data but does not check the accuracy of financial statements or ensure compliance. Key challenges to adoption include developing a clear business case, establishing political will and ownership over taxonomy development and maintenance, standardizing reporting obligations, and addressing the learning curve for taxonomy development and mapping. Lessons from early adopters emphasize establishing a project team, training, reviewing reporting guidelines, and undertaking test mappings and reports.
HOW XBRL WILL DRAMATICALLY IMPROVE: REPORTING AND CONTROL PROCESSESWorkiva
Investors who risk their hard-earned cash in equities need access to timely, relevant, and accurate financial and business information. Most of this information originates with the companies whose stocks they own. For the capital markets to operate most efficiently, information about public companies must be understandable, accessible, accurate and, most importantly, trusted by market participants. In the current state of information access, there are multiple problems in making this level of clarity, accuracy and public trust a reality.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document discusses the SEC's new requirement for public companies to submit financial statements and other reports in XBRL format. It provides an overview of what XBRL is, how it works by tagging financial data using standardized elements defined in taxonomies, and the benefits it provides by making financial data easily readable by computers. The SEC rule requires affected public companies to submit XBRL-formatted financial statements and other information as exhibits to certain filings, and to post this information on their websites. The requirements will be phased in over three years beginning in 2009.
XBRL is a standardized language used to tag and exchange financial data, allowing more efficient reporting and analysis. It works by assigning standardized tags to individual data points, like revenues or expenses. These tags are organized into taxonomies to define how data should be reported in specific contexts. When financial information is tagged with XBRL and shared, software can automatically extract and interpret the tagged data points. This streamlines reporting and analysis tasks while reducing errors. As more organizations adopt XBRL, it is becoming the global standard for defining and sharing business and financial information electronically.
XBRL Adoption in Singapore: One Year On discusses Singapore's experience adopting XBRL for corporate financial filings over the past year. Key points include:
- XBRL allows financial data to be tagged and exchanged between systems, enabling efficient analysis. It was adopted to improve access to company financial data.
- Filings were required to be in full or partial XBRL format beginning in late 2007. After one year, about 25% of filings used full XBRL tagging while others provided minimum tagged data with PDF statements.
- The ACRA taxonomy was developed to tag financial elements according to Singapore and IFRS standards, and continues to be refined with stakeholder input.
Worried about non-compliance with changing banking and insurance regulatory r...Lapman Lee ✔
This document discusses regulatory reporting requirements for banks and insurance companies and challenges with compliance. It introduces an XBRL Health Check that assesses an organization's regulatory reporting process using CoreFiling software. The Health Check evaluates data collection, XBRL formatting, review and sign-off of reports. It provides recommendations to improve the process and compliance. The software, Magnify, helps users review XBRL filings and check them against requirements without technical expertise. The Health Check process involves interviews and an evaluation of workflows to create a customized summary and action plan.
Enhancing Capital Markets Transparency And Trust Davos 2010 L Wats...Workiva
The document discusses the benefits of XBRL (eXtensible Business Reporting Language), an open standard for exchanging business information. It argues that XBRL can increase transparency in financial markets by making reported data more reusable, searchable, and linkable. By standardizing how data is tagged and linked, XBRL allows for automated analysis and social sharing of analytical models and insights. Adopting XBRL brings greater transparency to both company disclosures and the analytical processes used to evaluate them.
XBRL (eXtensible Business Reporting Language) is a freely available electronic language for financial reporting that provides an XML-based framework for creating, exchanging, and analyzing financial information. It allows companies to prepare financial statements digitally so that information can be rendered in multiple formats like printed reports, websites, and regulatory filings without reentry of data. The benefits of XBRL include more efficient financial reporting, automated analysis of data, and lower costs of preparing and distributing financial information.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
XBRL stands for eXtensible Business Reporting Language - an language for the electronic communication of business and financial data which provides major benefits in the preparation, analysis and communication of business information and offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data; now being put to practical use in a number of countries including India
XBRL (eXtensible Business Reporting Language) is a standard for electronic communication of business and financial data that addresses issues with traditional manual financial reporting processes. It allows companies to produce reports more quickly and accurately according to a common global standard. XBRL works by applying standardized "tags" to each item in a financial report to identify what it represents and how it relates to other items, like barcodes. This allows for faster and more efficient retrieval and comparison of financial data.
The document announces that certain classes of companies in India will be required to file financial statements in XBRL format starting in 2010-2011. It covers all listed companies and their subsidiaries, as well as unlisted companies with paid-up capital over Rs. 5 crore or turnover over Rs. 100 crore. A taxonomy has been developed based on existing Schedule VI and Accounting Standards. Frequently Asked Questions about XBRL are provided to help stakeholders understand XBRL.
The document is a circular from the Ministry of Corporate Affairs in India mandating certain large companies to file financial statements in XBRL format starting in 2010-2011. It specifies that listed companies and other large companies must use XBRL taxonomy developed for the existing accounting standards. Training will be provided and an additional filing fee exemption is permitted for companies filing by September 30, 2011. Annexures provide frequently asked questions about XBRL and contact information for training.
The document discusses how XBRL (Extensible Business Reporting Language) can improve financial reporting by allowing financial data to be tagged and exchanged in a standardized, machine-readable format. It outlines how XBRL reduces costs and improves efficiency of financial analysis by enabling automated extraction and comparison of financial data. The SEC now mandates public companies to submit financial reports in XBRL format.
1) XBRL (eXtensible Business Reporting Language) is a common global standard for exchanging business information that allows for the automated exchange and reliable extraction of financial information across all software formats and technologies.
2) XBRL reduces costs and enables quick information analysis by allowing tagged financial information to be transmitted in many formats and deployed with various analytical tools for users such as investors, financial publishers, auditors, regulators, and management.
3) XBRL works by defining a taxonomy or structure for financial data, then creating instance documents that tag financial statements and reports with that taxonomy so they can be read and analyzed by any software application using the same taxonomy definitions.
The document discusses how XBRL (eXtensible Business Reporting Language) is an open standard for tagging and exchanging business data that provides many benefits for financial reporting and analysis. It argues that XBRL adoption will initially focus on financial reporting due to government regulations, but will eventually be used more broadly by companies for other business activities. XBRL allows data to be easily transferred and consolidated across systems, which can improve internal controls, facilitate mergers and acquisitions, and integrate operational and financial reporting systems.
04 07 2010 Washington Dc Xbrl A Language Of The Government WorldWorkiva
1. The document discusses how XBRL (eXtensible Business Reporting Language) is being adopted by governments around the world to improve transparency and reduce costs of financial reporting.
2. Key examples discussed include the Standard Business Reporting initiative in Australia, bills in the US Congress to require federal agencies to use XBRL, and the European Commission's support for using XBRL to interconnect business registers across Europe.
3. The benefits of XBRL for governments include making financial data more accessible, comparable, and able to be automatically processed and analyzed. This allows both businesses and governments to save money on reporting and handling financial information.
Accounting Information Systems - XBRL Research PaperKesha Haley
*Please do not use any material in this document without proper citation. The use of any material in this document without such citation constitutes plagiarism. Thank you.*
This paper was completed in partial satisfaction of course requirements for ACCT 8230 - Accounting Information Systems - at Kennesaw State University during the Spring 2009 semester. The paper explores the new form of submitting financial statements, XBRL (eXtensible Business Reporting Language), a subset of XML (eXtensible Markup Language).
Xbrl Ireland XBRL Update Dealing with Mandatory ReportingConor O'Kelly
XBRL is a data standard that standardizes company-specific financial reporting terminology and allows comparison of financial statements across companies and reporting periods. It provides more timely access to and analysis of financial data but does not check the accuracy of financial statements or ensure compliance. Key challenges to adoption include developing a clear business case, establishing political will and ownership over taxonomy development and maintenance, standardizing reporting obligations, and addressing the learning curve for taxonomy development and mapping. Lessons from early adopters emphasize establishing a project team, training, reviewing reporting guidelines, and undertaking test mappings and reports.
HOW XBRL WILL DRAMATICALLY IMPROVE: REPORTING AND CONTROL PROCESSESWorkiva
Investors who risk their hard-earned cash in equities need access to timely, relevant, and accurate financial and business information. Most of this information originates with the companies whose stocks they own. For the capital markets to operate most efficiently, information about public companies must be understandable, accessible, accurate and, most importantly, trusted by market participants. In the current state of information access, there are multiple problems in making this level of clarity, accuracy and public trust a reality.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document discusses the SEC's new requirement for public companies to submit financial statements and other reports in XBRL format. It provides an overview of what XBRL is, how it works by tagging financial data using standardized elements defined in taxonomies, and the benefits it provides by making financial data easily readable by computers. The SEC rule requires affected public companies to submit XBRL-formatted financial statements and other information as exhibits to certain filings, and to post this information on their websites. The requirements will be phased in over three years beginning in 2009.
XBRL is a standardized language used to tag and exchange financial data, allowing more efficient reporting and analysis. It works by assigning standardized tags to individual data points, like revenues or expenses. These tags are organized into taxonomies to define how data should be reported in specific contexts. When financial information is tagged with XBRL and shared, software can automatically extract and interpret the tagged data points. This streamlines reporting and analysis tasks while reducing errors. As more organizations adopt XBRL, it is becoming the global standard for defining and sharing business and financial information electronically.
XBRL Adoption in Singapore: One Year On discusses Singapore's experience adopting XBRL for corporate financial filings over the past year. Key points include:
- XBRL allows financial data to be tagged and exchanged between systems, enabling efficient analysis. It was adopted to improve access to company financial data.
- Filings were required to be in full or partial XBRL format beginning in late 2007. After one year, about 25% of filings used full XBRL tagging while others provided minimum tagged data with PDF statements.
- The ACRA taxonomy was developed to tag financial elements according to Singapore and IFRS standards, and continues to be refined with stakeholder input.
Worried about non-compliance with changing banking and insurance regulatory r...Lapman Lee ✔
This document discusses regulatory reporting requirements for banks and insurance companies and challenges with compliance. It introduces an XBRL Health Check that assesses an organization's regulatory reporting process using CoreFiling software. The Health Check evaluates data collection, XBRL formatting, review and sign-off of reports. It provides recommendations to improve the process and compliance. The software, Magnify, helps users review XBRL filings and check them against requirements without technical expertise. The Health Check process involves interviews and an evaluation of workflows to create a customized summary and action plan.
Enhancing Capital Markets Transparency And Trust Davos 2010 L Wats...Workiva
The document discusses the benefits of XBRL (eXtensible Business Reporting Language), an open standard for exchanging business information. It argues that XBRL can increase transparency in financial markets by making reported data more reusable, searchable, and linkable. By standardizing how data is tagged and linked, XBRL allows for automated analysis and social sharing of analytical models and insights. Adopting XBRL brings greater transparency to both company disclosures and the analytical processes used to evaluate them.
Enhancing Capital Markets Transparency And Trust Davos 2010 L Wats...
Sushil\'s XBLR Document
1. XBRL A technology standard for the transparent interchange of financial and business reporting data that promises to revolutionise the financial industry
2. The idea behind XBRL is simple: instead of treating financial information as a block of text - as in a standard internet page or a printed paper document - it provides an identifying tag for each individual item of information. This is computer readable. For example, company 'Gross Margin' has its own unique tag.
3. XBRL will help every organization, in every industry, around the world to internet-enable its business reporting and analysis, and thus reduce their costs and risks and increase their ability to make more informed decisions.