Unlike the yesteryears, individuals and corporates have an easy and hindrance-free access to information and the credit goes to electronic data or digitization. More data can be made available but for the same, organizing the data for assuring its usability and discover ability is imperative. This is where the significance of XBRL services is realized.
XBRL has been in use for a decade or even more now and it has kept on adapting and evolving as per the demands of time. Underlying facts will detail why it is a great option of electronic data exchange.
It is all-inclusive and comprehensive
Several domains for business reporting can be accommodated. Besides business and XBRL financial reporting, it also serves the purpose of performance and operation reporting in many cases. Other areas include internal reporting, transaction based reporting and sustainability reporting. Even many government and regulatory agencies make use of XBRL.
Data delivered is cleaner
Extensible Business Reporting Language remarkably defines the logic of business as well as validation rules thus assuring data to be cleaner. This owes to the numerous hooks offered by this standard; many use this to create XBRL taxonomy. In it, to say, it is possible to define rules for checking if reporting is done of the mandatory fields or else if amount specified for a particular item precisely tallies to that of the overall total of values stated for its component items.
Distinct definitions are provided
With Extensible Business Reporting Language, there is a distinct method for reporting the concepts together with its corresponding metadata. By this better and clearer perception of the reporting needs are facilitated. Several attributes for defining concepts like data format for expected value, its nature, documentation for its definition, guidance for the measurement as well as disclosure etc. is allowed by this framework.
Different data models can be defined
The standard permits different options for defining the data model. Based on the data usage and its structure, you can choose the suitable modeling technique. For example, a normal list report can be easily modeled as a hierarchical structure. When it comes to complex needs, execution of dimensional modelling can be done. Since multidimensional models are allowed and standard structure is provided to data by XBRL data conversion, querying and analysis is easier.
Data rendering is made easier
Multiple features are there for rendering information in a format friendlier to humans. The multi-lingual rendering ability is yet another advantage as wider audience on a global basis can be reached. XBRL tagging can be done perfectly and reporting labels can be in Spanish, English, and Japanese etc. for XBRL taxonomy. With these labels data can be instantly consumable and no additional translation is needed.
At MAPSystems, we offer best quality XBRL conversion services at most reasonable rates and within a really short time period. In case if any queries are there, reach us at the earliest. Your all concerns will be addressed flawlessly.