What is XBRL?
XBRL stands for eXtensible Business Reporting Language and provides a common, electronic format for business reporting. It was developed to communicate information between businesses and other users of financial information, such as regulators, investors, analysts etc. 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 a development 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 browsers.
K-Trinity – XBRL tagging
In the UK, iXBRL filing is mandatory. HM Revenue and Customs (HMRC) requires businesses to submit their reports, accounts and tax computations in iXBRL format when filing their Corporation Tax return. K-Trinity AP is an accounts production tool used to automate the creation of their accounts and apply iXBRL tags to the face of the accounts. iXBRL tagging is fully integrated within the software and can be managed centrally in a single template.
Find out more about K-Trinity here.
XME – XBRL tagging
In response to HMRC’s mandate for online Company Tax Return filings in iXBRL, KPMG have developed their own iXBRL conversion application. XME was specifically created to tag and convert reports such as entity accounts from either their MS Word and MS Excel source formats into iXBRL equivalent instance documents.
K-Helix: CRD IV reporting
The European Banking Authority (EBA) adopted XBRL for CRD IV data reporting. Most countries must submit their data to their National Competent Authority (NCA) in XBRL. K-Helix is an XBRL reporting tool containing all relevant taxonomies published by EBA. The software embeds the XBRL ‘behind the scenes’ and allows users to easily generate XBRL which is then filed with the NCA.
Find out more about K-Helix: CRD IV reporting here.
K-Helix: Solvency II reporting – XBRL reporting
EIOPA adopted XBRL for Solvency II supervisory reporting in 2011. The Solvency II Directive only requires National Competent Authorities (NCAs) to report to European Insurance and Occupational Pensions Authority (EIOPA) in XBRL. It is up to individual NCAs to decide whether to use XBRL to collect data from undertakings. In the UK, for example, the PRA requires firms to report in XBRL. The free XBRL Tool for Undertakings (T4U) was created by EIOPA to help firms without XBRL knowledge to implement Solvency II reporting in XBRL. This tool is however being decommissioned later on during 2016. K-Helix is an XBRL reporting tool containing all relevant taxonomies published by EIOPA. The software embeds the XBRL ‘behind the scenes’ and allows users to easily generate XBRL which is then filed with the NCA.
Find out more about K-Helix: Solvency II reporting here.