XBRL files are a relatively “un-user-friendly” computer format and cannot be effectively processed without software to validate and check them.
What does XBRL mean to the regulator?
By the regulator(s) receiving submissions in a consistent, machine-readable format (XBRL), reported data can more easily be combined and analysed – resulting in better transparency of financial services market operations. Such oversight provides regulatory bodies’ with both information and time to react to emerging issues.
What does it mean to you?
Meeting the regulators’ XBRL submission requirements requires additional steps in business workflow around report generation, validation and submission to address:
- Converting regulatory templates into XBRL files
- Lack of visibility of machine-readable XBRL files
- Cryptic error codes making resolution a more difficult task
- Increase in testing/validation time and effort
AgileREPORTER XBRL-Checker provides firms with crucial “processes and controls” for making successful regulatory submissions in XBRL format.
AgileREPORTER XBRL-Checker, with XBRL Validation and Visualisation modules, provides important controls in the regulatory workflow (represented below) through instantly-available cloud technology.
The XBRL-Checker visualisation and validation stages address the issues associated with handling XBRL versions of regulatory templates/reports, irrespective of how these XBRL files have been produced, including whether from other vendor XBRL tools or in-house sources.
- Place control around XBRL generation, validation, review and submission processes
- Gain visibility around reporting processes and save time, thereby reducing operational risk
- Full taxonomy supported, covering resubmissions, and all regulatory modules
- Cloud deployment provides availability to use the tool from any location, globally
- Local download version to satisfy those who do not want the XBRL files to leave their premises
AgileREPORTER: XBRL-Checker VISUALISER
Convert raw XBRL, in real-time, back into a regulatory return template format for a visual check.
- Upload XBRL file
- View data back in the relevant reporting template
- View errors that break the XBRL taxonomy definition e.g. duplicate facts
- Validate that the XBRL file is an accurate representation of your data
AgileREPORTER: XBRL-Checker VALIDATOR
Provides crucial explanation, verification and insight into the cryptic validation failure codes (error messages) after submitting an XBRL file to the relevant competent authority:
- Enter the error code from the regulator’s website
- Select the taxonomy
- Receive a comprehensive report: error code, validation scope and formula, return code and name
- Receive an Excel spreadsheet highlighting the validation failures