DEFINISI Kebutuhan terhadap implementasi sistem pelaporan dan monitoring secara elektronik baik bagi manajemen perusahaan, investor, maupun di tingkat regulator seperti pengawas pasar modal menjadi hal yang sangat penting, terutama jika dikaitkan dengan upaya peningkatan pengawasan. Tanpa didukung hal tersebut tentunya akan sulit bagi regulator untuk melaksanakan pengawasan yang efektif dan efisien. Sistem pengawasan yang selama ini digunakan belum dapat memberikan hasil yang optimal, karena beberapa hal, diantaranya adalah sistem tersebut tidak terotomatisasi, sehingga masih memerlukan input data secara manual dan berpotensi terjadinya kesalahan time-consuming and error-pronetidak ada penetapan format yang terstandar sehingga format laporan tidak seragam, tidak disediakan alat validasi secara otomatis, sehingga menurunkan kualitas informasi Akibat utama dari kondisi tersebut adalah kesulitan bagi pengguna, terutama investor baik dalam maupun luar negeridalam mendapatkan data dan informasi bisnis yang akurat, terpercaya, dan relevan bagi kepentingan analisis mereka. Extensible Business Reporting Language atau yang biasa disebut dengan XBRL dikenal sebagai pelaporan keuangan universal yang merupakan format baru laporan keuangan dengan menggunakan perintah tag yang biasa digunakan di internet, sehingga tampilan laporan keuangan tersebut bisa di akses, di analisis dan di bandingkan dengan lebih mudah.
Intelligent Regulatory Compliance Reporting with XBRL Overview Businesses have dealt with financial data, information, reporting, and disclosures what they have not dealt with is the amount of accuracy and reliability companies require these days. Regulations, legislations have always been there, what has changed is their rigor.
Clearly making regulatory environment very complex and severe and also leaving the companies grappling with ways on how they go about demonstrating, documenting and reporting compliance.
Download an Insight Requirements change as regulations are amended and expanded. The constantly evolving standards of regulations cause strains in the relationships between companies and their external auditors.
Such changes disrupt the way companies meet their compliance needs. The Securities and Exchange Commission SEC require companies to provide information more quickly and mandates that high-level executives sign off on the accuracy of financial statements.
They are also calling on companies to provide information in an easily understandable format that supports evaluative and trend analysis1. For the large companies, it applies beginning from Junefor all public companies within the next three years.
Compliance with a regulatory mandate and plethora of guidelines- is inherently difficult. However the common challenges most regulators face in their reporting procedures include6: Securely obtaining data that can be entered automatically and seamlessly into systems without re-keying, reformatting or other translation effort Reducing costs through automating of routine tasks Quickly and automatically identifying errors and problems with fillings Validating, analyzing and comparing data quickly, efficiently and reliably Shifting focus of effort more on analysis and decision-making with filers rather than on data manipulation Promoting efficiencies and cost savings through the regulatory filling process The challenges and financial burdens do more than just encourage companies to find better and efficient ways - drive usage of eXtensible Business Reporting Language XBRL.
Instead of treating financial information as a block of text - as in a standard Internet page or a printed document - XBRL provides an identifying tag for each individual item of data. This greatly increases the speed of handling financial data, reduces the chance of error and permits automatic checking of information.
XBRL provides a standardized manner by which data in financial statements can be described—it does not change the data2. Why regulators should adopt XBRL? The worldwide adoption of XBRL has not come as a surprise.
The factors driving the adoption of XBRL are the process efficiencies, information transparency, and significant cost saving that it brings in dissemination and analysis1.
These are the key processes in regulatory compliance. Evidently XBRL adoption does not only improve efficiency, control risks, and introduce enhanced flexibility in the way companies manage their business and respond to the constant change and fluid environment in which they operate, but also3: XBRL is an open source technology, requires no annual subscription and licensing fee - High costs associated with the establishment of effective internal control systems mandated by Section of Sarbanes-Oxley can be significantly reduced.
XBRL retains data in the same structure as the source -The audit process is automated and control is enhanced. What are the challenges in implementing XBRL? XBRL offers major benefits at all stages of business reporting and analysis. It has world wide relevance, is intended to support all current aspects of reporting in different countries and industries.
But has some challenges associated with its implementation. Some of them are as follows: Such talents are easy to acquire but can be a deterrence to widespread adoption.
XBRL's real-time reporting capabilities require implementation of additional controls to ensure the accuracy and integrity of the data that is captured. Companies must make sure that the taxonomy they use to prepare financial statements is appropriate and that the procedures for tagging data are complete and accurate5.
The online nature of XBRL reporting presents additional security risks. Companies will need to provide end-to-end security for all XBRL communication, including authentication, access control, malicious attack protection, non-repudiation, and data privacy5.
It can fulfill your compliance requirements by capturing your vital business information and if used properly it can yield benefits to a wide spectrum of audience. Implement XBRL for a cleaner, more accurate data increased productivity and greater efficiency and measurable ROI and bottom line impact.
Various data elements can be mapped based on appropriate taxonomy and published using XBRL. MerticStream is committed to an open architecture and extensibility is a key aspect of our platform. We will continue to enhance our interfaces to conform to the XBRL standard.
A Use Case for Business Reporting, DEFINITION of 'eXtensible Business Reporting Language - XBRL' eXtensible Business Reporting Language is a standard that was developed to improve the way in which financial data is communicated.
Extensible Business Reporting Language can be used for the automation of investment analysis. Its use can streamline and improve its quality.
Table of Contents. Analysis The Business Problem A Role for XBRL XBRL Maturity Sponsorship and Representation Formalization and Funding. Extensible Business Reporting Language (XBRL) is one such technological artifact functioning as a social construction in the life of an ordinary accountant to a highflying investment banker.
Short title and commencement: – (1) These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, (2) They shall come into force from the date of their publication in the Official Gazette.
XBRL adalah akronim dari eXtensible Business Reporting Language atau yang biasa disebut dengan pelaporan keuangan universal yang merupakan format baru laporan keuangan dengan menggunakan perintah (tag) yang biasa digunakan di internet, sehingga tampilan laporan keuangan tersebut bisa di akses, di analisis dan di .
eXtensible Business Reporting Language XBRL is a standard language for electronic communication of business information. It is an advanced version of eXtensible Markup Language (XML) that is widely prevalent for E-Filing of Income Tax Returns in India.