| XBRL - eXtensible Business Reporting Language |
XBRL is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world.
It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.
It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
MAIA Intelligence Product details for XBRL environment.
Application for taxonomy creation and generation. Taxonomies, as explained, are the dictionaries used by XBRL. They define the specific tags for individual items of data (such as "net profit"). Different taxonomies will be required for different financial reporting purposes. National jurisdictions may need their own financial reporting taxonomies to reflect their local accounting regulations. Many different organizations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs.
The XBRL instance creator is a software application that can be used by anyone responsible for the production of business reports in XBRL format.
The XBRL Instance Reader is a dynamic interpretation and processing application with exceptionally rich functionality. It subsequently populates the data base and dynamically generates a report.
This product will allow to integrate above mentioned functionalities in products of leading technology and service providers in the area of business monitoring, digital reporting, regulator solutions and accounting.
By introducing XBRL for reporting, regulators and other authorities can
- Obtain data which can be entered automatically into systems without rekeying, reformatting or other "translation" effort.
- Dramatically reduce costs by automating routine tasks.
- Quickly and automatically identify problems with filings.
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Analyse and compare data much more quickly, efficiently and reliably. Benefit from the use of software in validation and analysis.
- Monitor data and activities and reach judgements with far greater speed and confidence.
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Focus effort on analysis, decision-making and dealing with counterparties rather than on data manipulation.
- Provide a much faster and focussed response to counterparties.
- Promote efficiencies and cost savings throughout the regulatory filing process.
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Stock Exchanges can use XBRL to
Depending on the circumstances in which they are operating, Exchanges may be able to encourage or mandate the filing of information by companies in XBRL or convert company data into XBRL. They can then offer data in XBRL form, benefitting all consumers of investment information. The result is a set of more competitive and valuable exchange data products as well as improved exposure for the Exchang
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| Investment Analysts and XBRL |
By using XBRL, investment analysts and advisers can benefit from
- Much greater transparency, clarity and consistency in company financial data.
- The ability to handle and compare a broader range of companies and deeper set of information.
- More powerful software tools for analysis, comparison and benchmarking.
- Far more efficient means of finding specific company data.
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The ability to select data from a variety of companies within seconds for comparison and analysis.
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In summary, XBRL can help the analyst community provide quicker and better quality investment advice and decisions.
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| Banking, Loan and Credit Management and XBRL |
Through XBRL, loan and credit management departments can
In particular, Credit Risk Assessment companies are already working within XBRL International on the introduction of XBRL in this area. Credit insurance underwriting decisions depend on high-quality assessment of large quantities of up-to-date information. XBRL enables automated, robust assessment of such data.
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| Financial Information Companies and XBRL |
Through the adoption of XBRL, companies in the financial information industry will be able to
Companies in the industry can play an important role in encouraging the adoption of XBRL and transmitting its benefits. A number of companies have already begun to convert their data to XBRL
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Through the use of XBRL in companies, accountants will be able to
- Obtain more rapid and reliable data on company financial performance.
- Greatly reduce effort and costs in gathering and analysing data.
- Simplify and automate tasks.
- Focus effort on analysis and value-added work.
- Make better use of software to improve efficiency and speed.
In summary, XBRL can speed up, reduce effort and increase reliability in accounting and auditing tasks.
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| Mr. Sanjay Mehta, CEO – MAIA Intelligence with Mr. Kurt Ramin, Chairman, XBRL International USA. |
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XBRL India Jurisdiction Development was held on Thursday, 19th January 2006 at The Business Centre, Oberoi Hilton Hotel, Nariman Point Mumbai - 400 02. |
For further details sales@maia-intelligence.com
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