Traditional software applications in this space embed the business logic necessary to support the requirements they were designed for into software code. This makes them rigid and difficult to change or enhance.
Business requirements change and evolve rapidly, and outgrow hardcoded software very quickly. This is the no. 1 reason why business users do not find the support they need to do their job in the software applications used within their organizations. It is an unsustainable model that drives internal inefficiencies, the proliferation of manual processes and spreadsheets, and continuous investments in new technology.
XKUBED works differently. It is the result of many years of studies on the patterns and commonalities found in the structure of business information and in the processes and activities typically performed on that information within organizations. These patterns are transformed into executable templates, leveraging languages for business data standardization and XBRL.
Unlike traditional software applications, XKUBED is designed to understand standardized data and processes without hardcoding any purpose-specific or organization-specific logic. Specific business logic is instead embedded into standards-based executable templates, which can be configured, created and maintained directly by business users.
In the regulatory space, XKUBED is an easy and efficient solution for filers to generate XBRL, and for regulators that are considering or deploying an XBRL initiative.
XKUBED for filers – Key features
• Intuitive, time-saving initial set-up and maintenance.
• Cloud/SaaS rental model with minimal impact on the IT function.
• Low monthly usage fees, often taken from the Financial Department operational budget rather than requiring capital approval.
• Significant monthly manpower savings or third-party agent (e.g. auditors, financial publishers) cost reductions.
XKUBED for regulators – Key features
• Automated generation from the XBRL taxonomy of various components that minimizes the costs of initial setup and maintenance of the IT system. Examples include:
- Web forms for data submission
- Spreadsheets distributed to filers for offline population
- Data collection and analysis components
• Storage of data in XBRL format that optimizes processing performance and dynamically adapts to changes over time in the XBRL taxonomy used, minimizing the cost of maintenance of the system.
• Native support of XBRL Global Ledger, a critical factor of success in various situations, including:
- Regulatory programs where a standard chart of accounts is used
- Tax compliance and other programs aiming at the collection of granular, transactional information
- Programs with a focus on the reduction of reporting burden for regulated entities, such as companies or Government agencies
- Analytical Tools
- Data Aggregation/Publishing
- Filing Preparation
- Instance Document Creation
- Instance Document Validation
- Instance Document Viewing
- Quality Assurance
- Taxonomy Creation
- Taxonomy Validation
- Taxonomy Viewing
- XBRL Collaboration Tools
- XBRL Processors/Software Libraries
IPHIX is globally acknowledged as a leader in XBRL since 2004. We actively participate in various technical and best practices working groups within XBRL International, where we contribute to the development of the XBRL family of Specifications.
We have extensive experience in the implementation of XBRL both in the Government and in the private sector, and we are the architects of several XBRL taxonomies globally. Our clients portfolio includes Governments in various countries and global companies as well as leading professional, consulting and technology firms.