By Steve Dalton on Aug 07, 2014
By Karen Brown on August 7, 2014
Do you have requirements to provide Financial Statements and Reports in XBRL format? Are you wondering exactly what XBRL is?
XBRL is a reporting language based on XML. XBRL is specifically used for submitting financial statements and reports to governments and other governing bodies (i.e. US SEC, German Government). Each governing body has different requirements for the types of reports to be submitted and the content of each of them.
Details of XBRL:
- XBRL Standards are known as XBRL Taxonomies.
- These taxonomies are the definitions of the documents, formats, and elements that are needed for a specific XBRL requirement
- Documents are things like a Balance Sheet or Profit & Loss
- Elements are things like net profit, depreciation expense, statement annotations
- National jurisdictions have different accounting regulations, so each may have its own taxonomy for financial reporting.
- Many different organizations, including regulators, specific industries or even companies, may also require taxonomies to cover their own business reporting needs.
- These taxonomies are governed by the XBRL International Standards Board
- New taxonomies are continually being added
- here are 30+ existing taxonomies which are being updated on a regular basis
There are many solutions available for your XBRL requirements. Oracle Hyperion Disclosure Management is Oracle’s solution for XBRL. To generate XBRL tags and complete filings for JD Edwards EnterpriseOne with Oracle Hyperion Disclosure Management, here are the steps:
- Download the XBRL required taxonomy from the XBRL Website into Hyperion Disclosure Management to create a company taxonomy.
- Publish the report from JD Edwards EnterpriseOne to Microsoft Excel or Microsoft Word.
- Create the final report in the Microsoft programs and perform the XBRL tag mapping in Oracle Hyperion Disclosure Management.
- Submit the company taxonomy and XBRL instance document to the proper authority.
Get more details about Oracle Hyperion Disclosure Management.
There are also many 3rd party XBRL solutions in the marketplace to choose from with a wide variety of price points. A few of these solutions are:
- Crossfire - http://rivetsoftware.com/crossfire/
- Semansys - http://www.semansys.com
- Fujitsu - http://www.fujitsu.com/global/services/software/interstage/solutions/xbrl