Company Reporting and XBRL
Companies of all sizes can gain benefits from XBRL. By using XBRL, companies will be able to:
Save costs by preparing data in one form and automatically generating many outputs. Companies will avoid re-keying of data and other manual tasks.
- Consolidate results across divisions and subsidiaries with much greater speed and reliability.
- Improve accuracy and reliability of financial data.
- Focus effort on analysis, forecasting and decision making, rather than on laborious tasks in gathering, compiling and preparing data.
- Achieve quicker and more efficient decisions.
- Make more effective use of the internet in communicating with investors. Companies will benefit from the growing importance of web sites as a means of communication.
- Improve investor relations through provision of more transparent and user-friendly information.
- Simplify the process and reduce the costs involved in regulatory reporting to tax and other authorities.
- Obtain quicker responses from counterparties, including banks and regulators.
- Free themselves from proprietary systems and software which are difficult and costly to replace
To learn more about XBRL, companies should talk to their accountancy software suppliers about the availability of XBRL enabled software. The appropriate software, now being developed by a number of vendors, will help companies produce XBRL reports and upgrade their systems. Companies may also seek advice from their accountants, consultants, and their local XBRL jurisdictions about how to proceed.