Knowledge Centre
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Breathing New Life into Old Systems
Case study of the use of the General Ledger taxonomy by the company Wacoal to transform its financial data reporting. Article published in Strategic Finance magazine. Copyright Institute of Management Accountants (IMA). Permission must be sought from the IMA for any further distribution.
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Breathing New Life into Old Systems with XBRL Global Ledger
THE WACOAL CORPORATION (Wacoal), an apparel manufacturer and marketer located in Kyoto, Japan,
recently faced a classic problem—the need to significantly improve the quality of financial data available to
key decision makers. They had little time or resources to make wholesale changes. Facing intense economic pressure,Wacoal began to look to theirvinformation technology system for answers. They ultimately turned to a radically new
technology—XBRL-GL. It was the world’s first installation of its kind. We’ll first tell you about the company and its IT systems, the options they considered to provide better data, and then why they chose the technology they did.
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Business case for using XBRL in tax filing
The benefits from using XBRL for filing of tax returns, taking UK corporation as an example. Paper by Walter Hamscher.
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Hitachi Case Study Database
Hitachi implemented an open platform based on XBRL and Web Services that interoperates with the customer’s existing system infrastructure. Specifically, Hitachi provided:
- Taxonomy design and development using its XiRUTE Taxonomy Editor (TE) and Instance Creator (IC);
- An automated XBRL conversion engine on its Hitachi Business Reporting Processor (HBRP);
- A customized version of its Xinba tool -- which allows users to import, validate, and analyze XBRL documents easily, accurately, and correctly -- as well as Xinba templates for data analysis;
- Training to teach staff how to use the system and how to maintain templates and taxonomies
Tags: XBRL, Taxonomy design, XBRL conversion
Type: Case Study
MACPA - XBRL and Business Intelligence
The Maryland Association of CPAs (MACPA) became the first non-profit to tag its internal financials using the open standard of eXtensible Business Reporting Language (XBRL) in June 2011. This white paper shows how MACPA took that basic tagging and created a Business Intelligence dashboard allowing for efficiencies in internal financial reporting and better insight from its employees. Using Excel PowerPivot tables linked directly to the XBRL tagged data, allows for immediate distribution of financial data (timeliness), user-controlled graphical analysis, and drill-down financial statements. MACPA used the XBRL GL taxonomy and software tools, Altova MapForce and Altova FLowForce (beta), to integrate the mapping and workflow to automate the monthly financial mapping and distribution of the financials. The result is a Business Intelligence dashboard application that increases our transparency, performance management, and accountability to our employees, management team, and Board of Directors.
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