What is XBRL
XBRL (Extensible Business Reporting Language) is an open standard which supports information modeling and the expression of semantic meaning commonly required in business reporting. XBRL is XML-based. It uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, Namespaces, etc. to articulate this semantic meaning. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc. (XII)
Type OF XBRL Tools
- XINBA
- MAPFORCE,
- CROSSFIRE,
- CROSSVIEW,
- CALCBENCH
XINBA :- Hitachi Xinba as an Excel add-in. It adds a menu to the
Excel Ribbon that lets accountants create exactly the analysis spreadsheet required.
The menu offers choices for opening a company’s XBRL filing, creating and using
Excel templates for working with the XBRL data, appending other companies’ XBRL
data for comparison purposes, inserting XBRL functions, and performing ad hoc
analyses.
MAPFORCE :- Altova MapForce is a
robust data extraction and transformation tool that can create many connections
to extract data from or create XBRL documents, Excel spreadsheets, Access
databases, word processing documents, and many other types of files.
CROSSFIRE, Rivet Software’s Crossfire is basically targeted toward creating XBRL
filings for public companies, but it also includes reporting tools that
companies can use to measure their filings and those of competitors.
CROSSVIEW;- Rivet also created
CrossView, an online viewing engine for XBRL documents that is another part of
the Crossfire platform. The EDGAR XBRL (interactive data) viewer on the SEC’s
website is based on CrossView, and users can subscribe to the SEC’s XBRL RSS
feed directly within the CrossView. After a company took interest , the overall
financial statements are displayed in the main window along with a navigation
dropdown list and toolbar.
Calcbench :- Calcbench Inc. has produced a cloud-based repository of scrubbed and
normalized XBRL data that users can log in to and access. Calcbench uses
artificial intelligence and learning algorithms to correct and standardize XBRL
data in its reporting framework. What this means is that Calcbench fills in
potential difference between what
companies file with the SEC and what investors may require to perform true
side-by-side company comparisons
Role of XBRL TOOLS
- Allowing users to keep up with the latest XBRL filings. In addition, users can connect directly to the web address of the XBRL statement.
- Xinba allowing users to modifying Excel spreadsheets during maintaining a live connection to the XBRL data. It can also save XBRL analysis work as a template that can be used to evaluate many companies over multiple periods, all in the familiar Excel environment.
- Once Xinba has extracted XBRL data to a spreadsheet, the full power of Excel can be leveraged for analysis.
- The tool-bar give access to basic charting, printing, and download options, plus a direct link to the SEC EDGAR page for the current filing. Excel spreadsheet downloads include all the data presented in the XBRL document, with each financial statement or disclosure presented in a specific worksheet tab. Because the data is organized using the titles presented in the financial statements, rather than the standardized tags used in the XBRL document, it becomes somewhat more difficult to automate analysis activities
- Each tool presented above gives professionals useful ways to view, extract, and investigate XBRL information.
- Some focus on faithful reproduction of financial statement layout and formatting, while others concentrate on providing explicit control over how data is extracted and converted, or even avail tools for online analysis
Check Out easy Study Notes of corporate E reporting
Well said, Microsoft Office Word and Excel have their own distinct advantages. There are people out there like me that keep track of users through templates! I thought I was the only one. love yours, thanks for sharing!
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