Rethink Financial Reporting: XBRL

Rethink Financial Reporting: XBRL

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.

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Director, Business Technology

KPMG in the UK

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What is XBRL? 

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.

 

What is the difference between XBRL and iXBRL?

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.

 

How has XBRL been used?

XBRL/iXBRL is well proven, with many financial and regulatory reporting regimes mandating the use of the format globally, including, most notably, CRD IV and the Solvency II Directive.

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 

XBRL

(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 

XBRL

(incoming 1 Jan. 2018) 

EEA public companies IFRS financial statements ESMA 

iXBRL

(incoming 1 Jan. 2020) 

 

KPMG’s offering

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.

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