XBRL Digital Reporting
Full control over your digital reporting process
Increasingly companies are required to prepare disclosures like annual reports, sustainability reports, tax filings, or credit reports in the new digital (XBRL) format. Deloitte helps organizations to implement new reporting processes and systems to not only comply with these new reporting requirements but also to enable multi-user editing capabilities, workflow, and sign-off control.
Today, more and more data collectors such as regulators and analysts require (or are asking for) data to be submitted digitally using XBRL. Therefore, companies need to adapt their reporting processes to produce this format along with current formats like pdf, html, and others. In addition to this technical challenge, companies also need to make sure that all of these reports contain the same information, and that they are created efficiently and after the appropriate sign-offs have been obtained.
Deloitte helps organizations to comply with the new reporting requirements by embedding XBRL in the reporting process.
When XBRL is embedded properly in the disclosure management process, it will yield process efficiencies, as XBRL allows computer systems to automatically recognize and process company information. This is made possible by assigning machine-readable identifiers (tags) to each piece of business information. ‘Tagging’ enables an automated supply and exchange of business information throughout the entire reporting chain eliminating many inefficient, error-prone manual processes to identify, aggregate, and consolidate business information. As a result, significant reductions in reporting time & costs are achieved, as well as increased consistency and quality of information.