| Some obvious benefits XBRL offers to companies are as follows |
 |
|
 |
Companies will be able to avoid re-keying of data & other manual tasks. It will thereby lead to cost-savings as data once prepared can be generated in many forms. |
|
Consolidation of results across divisions and subsidiaries can be done efficiently. |
|
With XBRL, more time and effort can be devoted towards data analysis & decision making rather than manual activities like gathering & preparation of data. |
|
Simplify the process and reduce the costs involved in regulatory reporting to tax and financial regulatory bodies. |
|
Improve investor relations through provision of more transparent and user-friendly information. |
|
Companies can get rid of proprietary systems and obsolete software’s which are difficult to use and expensive. |
|
Data can be pulled from the root level like the Trial Balance reported in any format or accounting system and IFRS based financial statements can be generated. |
| IRIS’ Offering for Companies
IRIS Proton: IRIS Proton has a well-defined structure for the tagging and creation of XBRL documents taking the user seamlessly through the tagging process and to a final output of an XBRL instance document. Proton can load and work with any XBRL 2.1 compliant taxonomies, and comes preloaded with recognized taxonomies like HMRC, IFRS, UK GAAP, US GAAP. Proton creates both iXBRL and XBRL documents due to its unique embedded tagging methodology. |
| Proton works with dimensional information and supports multiple languages. The modular framework of applications makes it easy to be customized to suit the requirement of any customer or country specific reporting. The application is capable of extracting relevant blocks of data, textual or tabular, including extensive support for detailed footnote tagging. So it could be an ideal solution for those firms looking to get their data XBRL’ised. |
| Conversion services for XBRL data: IRIS offers historical as well as live XBRL authoring and conversion services using its XBRL authoring application known as Proton, with a built in validation and business rules engine. Currently, IRIS has partnered with a leading financial printer in the US, to offer outsourced XBRL conversion and filing services to companies in the United States, following the recent mandate by the US SEC requiring companies to prepare and submit XBRL filings to the US SEC. IRIS is also offering conversion services in the UK, to firms that are filing with the HMRC, following the iXBRL mandate in UK by the HMRC. |
