XBRL - full automation of the collection and formation of business documentation. We can work with such documents. Our main rule is honesty, speed and correctness!
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eXtensible Business Reporting Language is a widely used open standard for the exchange of business information in the world. XBRL allows you to express using semantic means common to market participants and regulatory authorities requirements for the presentation of business reports. XBRL is used by all G20 countries, aswell as by a number of OECD countries.
The transition to XBRL marks the transition from a formocentric to a data-centric approach. That is, organizations are collecting and transmitting not specific limited reporting forms, but a multidimensional data array generated by a special taxonomy (architecture). From it, information for regulatory and managerial purposes can be extracted in the necessary context, while duplication of data is excluded, their accuracy and accessibility are increased. The goal is the maximum implementation of XBRL - full automation of the collection and formation, transmission of data on the performance of various forms.
The structure of XBRL is determined by taxonomy - it is a system of principles and rules for the classification and systematization of metadata, a data model, description of reporting forms, the procedure for their formation and inter-form control. Something similar to a multi-level rubricator.
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XBRL - eXtensible Business Reporting Language - "extensible business reporting language." This format is required standard for reporting by most organizations.
The choice of XBRL is not accidental. He became the heir to electronic formats used since the 1980s, including such as Edifact and XML. The Bank conducted a pre-project study of formats that are an evolution of the XML format and chose XBRL as the most functional, safe and convenient. In fact, XBRL is an international technical Esperanto, that is, the language of business communication spoken by regulators and market participants in the context of financial information.
XBRL is developed by international nonprofit organization XBRL International. It includes more than 600 participants from 35 countries. Almost all G20, EU and BRICS countries have already implemented the XBRL standard or are implementing a program for its implementation. Among the implementing countries are the USA, Great Britain and Germany, China, India and the Netherlands.
XBRL is the closest XML format. In fact, this is XML - specially developed for the purposes of financial and business reporting. XML is used today as one of the reporting standards. In many ways, therefore, non-credit financial institutions will be the first to switch to XBRL.
Very important word in the context of XBRL. In general, taxonomy is a doctrine of the principles and practice of classification and systematization. But in this case, this is a set of metadata, a data model, descriptions of reporting forms, the procedure for their formation and inter-form control formed in accordance with certain rules. Probably, it will not be too much simplification to call a taxonomy in this case a multi-level rubricator.
XBRL - ideally - is not only a format for reporting, but also for everyday analysis of the company. This is facilitated by the availability of complex taxonomies (IFRS, FINREP, COREP, Basel, Solvency), tools for their refinement and data analysis.
The data collected in the XBRL format is live. These are not just flat pivot tables, but a kind of multidimensional array that can be viewed from various angles depending on the particular moment. Despite the certain costs of implementing XBRL, the new standard has many benefits and advantages. Among them: elimination of redundancy and duplication of reporting data by building a unified reporting collection and processing system, increasing the reliability and quality of reporting data by unifying and automating processes, increasing transparency and openness of information for all market participants, expanding the possibility of outsourcing the preparation of reporting forms. In the medium term, a reduction in the burden on reporting organizations can be expected.
The implementation of XBRL is carried out in close collaboration with all parties involved in this process. Consultations with leading G20 regulators are being held.
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