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In the past years, more and more countries have made it mandatory to file annual and tax reports based on the IFRS standards using the XBRL format. Each authority has made their own XBRL taxonomy. However – ParsePorts generic XBRL solution is able to work with all of them.
There are multiple ways to convert financial statements to XBRL and file it to the local authorities. The filing can be done by uploading the relevant files to a website. You can also choose to transfer directly via the conversion software.
With ParsePorts XBRL engine you are able to convert to XBRL in multiple ways as well. If you use Excel, you can add our simplified tags to your sheets, or add our pre-tagged templates. These tags will make sure that our system knows which data needs to be converted. Afterwards, you can upload your Excel file to our portal, or make use of our Excel Add-In to convert the file to XBRL.
In some countries, auditors need to check and sign off on the XBRL file. This means that the auditor needs to be able to read the XBRL file. Next to that it is important that they know that the file isn’t altered after auditor.
Our XBRL Reader allows auditors to do these things. They can convert an XBRL file back to HTML or PDF and check the content. The XBRL Reader also provides a hashkey, which is a unique fingerprint of a file, to make sure that the right file is audited and filed without the possibility of any alterations.
Together with our partners, we can facilitate the entire process of auditing and digitally signing the XBRL files.