XBRL has quickly become the de facto reporting language for financial information across the globe and for firms still outside its scope, XBRL will likely form part of their future – perhaps sooner than expected.
XBRL stands for eXtensible Business Reporting Language and provides a common, electronic format for business reporting. XBRL was developed to communicate information between businesses and other users of financial information, such as regulators, investors, analysts etc. It is effectively like barcoding data; XBRL not only reports figures but will also describe those figures with additional information such as period, currency and precision. XBRL does not change what is being reported, simply how it is reported.
iXBRL stands for inline XBRL and is an enhanced version of XBRL. While XBRL documents are only machine readable and can only be viewed with specialised XBRL viewers, iXBRL is both machine and human readable and can be viewed on standard internet browsers.
|Reporting entity||Reporting Type||Regulator||XBRL or iXBRL|
|EEA credit institutions and investment firms||CRD IV reporting: Common Reporting (COREP) and Financial Reports (FINREP)||EBA||XBRL|
|EEA insurance companies||Solvency II reporting||EIOPA||XBRL|
|EEA banking institutions||SRF Ex-ante Contributions||SRB||
(incoming 1 Jan. 2018)
|PRA-authorised banks, building societies and designated investment firms||Capital +||PRA||XBRL|
|PRA-authorised banks and building societies||IFRS 9 to FINREP Migration||PRA||
(incoming 1 Jan. 2018)
|EEA public companies||IFRS financial statements||ESMA||
(incoming 1 Jan. 2020)
Implementation of XBRL into firm’s existing reporting processes is a time-consuming and costly exercise. KPMG’s Business Technology services can alleviate the pain of XBRL and iXBRL reporting. Software solutions are both intuitive and integrates into your current reporting system, using XBRL as a file format to provide a common, electronic format for business reporting. So, with the right software, keeping reporting systems up-to-date is simple.
KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.