eXtensible Business Reporting Language
eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data, which is being adopted as a reporting standard around the world. Organizations today are looking to establish a sustainable reporting process to comply with the Securities and Exchange Commission’s (SEC) final rules requiring registrants to submit XBRL tagged financial information. For SEC reporting purposes and beyond, we can help organizations (including companies and government agencies) transform their business reporting by leveraging XBRL to help improve efficiency and reduce costs associated with data creation, collection and analysis.
Assessing and implementing XBRL
We understand the practical issues in addressing XBRL from both a U.S. and global perspective. Our experienced professionals work with clients to help them prepare for XBRL and implement the rules. Our approach focuses on the practical implications that XBRL may raise for clients' financial reporting processes.
Assessing and implementing XBRL is a new process for most companies, we can assist clients with:
- Explaining to management the applicable XBRL statutory or other reporting requirements
- Analyzing and commenting on the client’s integration of XBRL into the current reporting processes
- Providing sample planning roadmaps outlining typical XBRL reporting processes
- Providing detailed data quality reviews to identify potential compliance issues in XBRL data files
- Delivering recommendations and process enhancements to reduce future compliance issues
- Providing advice to management as they implement, or engage a third party to implement, XBRL reporting
- Training resources on detailed technical XBRL reporting practices
- Benchmarking XBRL reporting and underlying disclosure data against peers