There
is a reason why the Securities
and Exchange Commission (SEC)
recognized
the
untapped
potential of
eXtensible Business Reporting Language (XBRL) in
2009.
XBRL
facilitates
accurate
financial
comparisons
across companies to improve business performance, investment
analysis, and decision-making.
It's
a known fact that banks
and their regulatory bodies are drowning in data. Unorganized
data is leading
to issues with long processing times, error reconciliation, re-work,
speed to market, and data analysis. XBRL
continues to prove its the
answer to the big data issue banks and regulatory bodies are facing
today.
A
standardized reporting language and process, like
XBRL,
allows
business
leaders to
base their
decisions
on meaningful data, and
saves time on data collection; both
lead to improved risk management. Most
importantly, XBRL has
reduced the processing times when creating and managing the
information required for regulators.
Since
2010 it has been expected that large foreign companies, who
currently use International Financial Reporting Standards (IFRS),
submit their financial returns
to the SEC using XBRL. By
doing so, it has begun to create a global standard for financial
reporting.
However,
many companies have yet to realize how XBRL is a value added tool for
analysis; instead,
they see it as a complex new compliance mandate. The
XBRL Power Suite is an end-to-end XBRL solution created
by SQL Power Group
that accelerates the collection of high quality financial data,
formatted in the electronic standardized way, for quicker financial
analysis and to improve communications between regulatory agencies.
It
has been proven to take the complexity out of XBRL filings.
The
platform renders
returns forms, supports
Data Collection based upon standard XBRL Formulas, delivers
valuable feedback to the
subscriber on their returns and provides
real time XBRL validation and final certification.
SQL
Power Group's XBRL solution is
based on a low-risk, modular architecture that leverages their thin
client XBRL Forms and XBRL Power EAS platform as the building blocks
for the user experience - and couples these with XPE, the industry's
highest performing and most scalable XBRL processing engine. A
pre-built reporting and analytics solution for XBRL data that
interfaces with XPE has also
been incorporated into the solution. Finally, but certainly not
least, XBRL Designer - a taxonomy design studio - is integrated into
the platform solution for taxonomy and returns design and layout at
the business user level.
While
XBRL is the answer
to more accurate standardized financial reporting, SQL Power Group's
XBRL Power Suite is the answer to solving complex regulatory
requirements with ease!
