XBRL

XBRL

XBRL stands for eXtensible Business Reporting Language and provides a common, electronic format for business reporting.

XBRL stands for eXtensible Business Reporting Language and provides a common ...

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 buildings societies  IFRS 9 to FINREP Migration  PRA  XBRL (incoming 1 Jan, 2018) 
EEA Public companies  IFRS financial statements  ESMA  iXBRL (incoming 1 Jan, 2020) 
UK companies  IFRS, FRS 101 or FRS 102 financial statments  HMRC  iXBRL 

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.

 

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