Application
for taxonomy creation and generation. Taxonomies, as explained,
are the dictionaries used by XBRL. They define the specific
tags for individual items of data (such as "net profit").
Different taxonomies will be required for different financial
reporting purposes. National jurisdictions may need their
own financial reporting taxonomies to reflect their local
accounting regulations. Many different organizations, including
regulators, specific industries or even companies, may require
taxonomies to cover their own business reporting needs.
The
XBRL instance creator is a software application that can
be used by anyone responsible for the production of business
reports in XBRL format.
This
product will allow to integrate above mentioned functionalities
in products of leading technology and service providers
in the area of business monitoring, digital reporting,
regulator solutions and accounting.
Regulators and XBRL
By introducing XBRL for reporting, regulators and other
authorities can:
• Obtain data which can be entered automatically into
systems without rekeying, reformatting or other "translation"
effort.
• Dramatically reduce costs by automating routine
tasks.
• Quickly and automatically identify problems with
filings.
• Analyse and compare data much more quickly, efficiently
and reliably. Benefit from the use of software in validation
and analysis.
• Monitor data and activities and reach judgements
with far greater speed and confidence.
• Focus effort on analysis, decision-making and dealing
with counterparties rather than on data manipulation.
• Provide a much faster and focussed response to counterparties.
• Promote efficiencies and cost savings throughout
the regulatory filing process.
Stock Exchanges and XBRL
Stock Exchanges can use XBRL to:
• Make their process of company data collection
more efficient, comprehensive, and reliable.
• Increase the value and competitiveness of the
data products which they offer to institutions and private
investors.
• Strengthen the transparency and robustness of
information on their markets.
Depending on the circumstances in which they are operating,
Exchanges may be able to encourage or mandate the filing
of information by companies in XBRL or convert company
data into XBRL. They can then offer data in XBRL form,
benefitting all consumers of investment information. The
result is a set of more competitive and valuable exchange
data products as well as improved exposure for the Exchange
Investment Analysts and XBRL
By using XBRL, investment analysts and advisers can benefit
from:
• Much greater transparency, clarity and consistency
in company financial data.
• The ability to handle and compare a broader range
of companies and deeper set of information.
• More powerful software tools for analysis, comparison
and benchmarking.
• Far more efficient means of finding specific company
data.
• The ability to select data from a variety of companies
within seconds for comparison and analysis.
• In summary, XBRL can help the analyst community
provide quicker and better quality investment advice and
decisions.
Banking, Loan and Credit Management
and XBRL
Through XBRL, loan and credit management departments
can:
• Obtain data quickly and reliably via automated
reporting.
• Reduce costs in processing data.
• Compare and analyse financial information much
more reliably, fully and effectively using automated processes.
• Track financial performance more quickly and efficiently.
• Reach decisions more confidently and provide a
quicker response to clients.
In particular, Credit Risk Assessment companies are already
working within XBRL International on the introduction
of XBRL in this area. Credit insurance underwriting decisions
depend on high-quality assessment of large quantities
of up-to-date information. XBRL enables automated, robust
assessment of such data.
Financial Information Companies
and XBRL
Through the adoption of XBRL, companies in the
financial information industry will be able to:
• Obtain company financial data in a standardised
and predictable form.
• Significantly reduce costs by automating many
aspects of the gathering and storage of financial data.
• Switch efforts from routine data gathering to
analysis.
• Provide a faster, clearer, deeper and more accurate
view of company financial performance.
• Produce richer and more usable products containing
XBRL data.
Companies in the industry can play an important role in
encouraging the adoption of XBRL and transmitting its
benefits. A number of companies have already begun to
convert their data to XBRL.
Accountants and XBRL
Through the use of XBRL in companies, accountants will
be able to:
• Obtain more rapid and reliable data on company
financial performance.
• Greatly reduce effort and costs in gathering and
analysing data.
• Simplify and automate tasks.
• Focus effort on analysis and value-added work.
• Make better use of software to improve efficiency
and speed.
In summary, XBRL can speed up, reduce effort and increase
reliability in accounting and auditing tasks.
The XBRL Instance Reader is a dynamic interpretation and
processing application with exceptionally rich functionality.
It subsequently populates the data base and dynamically
generates a report. 
