Types And Role of XBRL Tools, Mcom Study Note | Commerce Study Notes

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Types And Role of XBRL Tools, Mcom Study Note

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)

Types and role of XBRL

Type OF XBRL Tools 

  1. XINBA
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

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