It was 2008 when XBRL reinvented how financial data were transmitted to different applications for business use. Since then, companies are refining their tags to adopt the system and to comply with SEC filing requirements. Several years passed, and reviews are consistently discerning on how and when will XBRL conclude its business potential.
Its a common knowledge that in every improvement, follows adjustment with varying time-frame based on data extent and implementation procedures. For a simple improvement, eight years may seem a long time. But, XBRL application is not just a mere upgrade, but a complete renovation of reporting process promising to benefit public companies and financial institutions worldwide. In this regard, perfecting the system application will really take time to achieve, not to mention loads of usage errors. As of now, assurance on correctness of XBRL tags is not required, engaging flaws to some reports that should be corrected instantaneously.
XBRLAnalyst is already geared up with high-grade algorithm in detecting errors, and correcting them. These instances were long-timed deliberated and already integrated in its system. Let us walk through these features exposing not only errors but also inconsistencies and deviation:
- Detecting Negation, Double sign and Scale Errors – these are common tagging and typing errors which will be easily detected by the system thru giving signs or warning codes to the user
- Calculation Relationship Errors – prompts warning on missing calculation relationship that SEC required for some report component and line items
- Calculation Linkbases – in Statement Viewer, data can be exported in Excel with calculation linkbase highlighting any deviation of calculated value from reported value, giving prompt signal of missing or incorrect values
- Reviewing XBRL Draft Filings – XBRL reports in Excel file can be loaded as draft filing in the system and can be viewed seamlessly along with all reports submitted to SEC, allowing data comparison to detect inconsistencies, sign errors, etc.
- Finstatament– this is an XBRL Excel function tracking changes in account and dimensions used in financial report (BS,IS,CF) giving a clear picture on to what and where the inconsistencies appear
- Deprecated Concepts – outdated, revised or unaccepted XBRL elements can be identified by its error checking formula
- Relative periods – inconsistencies on accounts and reporting periods are normalized by XBRL system producing complete historical data up to 20 periods.
- Screening Tool – screen for GAAP and non-GAAP disclosures that can be traced back to original documents for easier data validation
Although everybody’s aiming for a precise and timely financial reports, error will still get its way to the system at one time or another. No worries! XBRLAnalyst and iXBRLAnalyst will straighten everything out for you. For your custom-built reports, please contact our support team.