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More and more countries require companies to file their annual financial and tax reports in accordance with IFRS (International Financial Reporting Standards), which requires companies to convert their reports to the XBRL format.. Each authority has made their own XBRL taxonomy, which complicates things a little, but the generic ParsePort XBRL solution works with all XBRL taxonomies.
There are multiple ways to convert your financial statement into XBRL and there are just as many ways to file it to your local authorities. The filing is often accomplished by uploading the relevant files to a website, but you can also choose to transfer your files directly via the conversion software.
Using our XBRL engine you can convert your financial statement to XBRL in multiple ways. If you use Excel, you can add our simplified tags to your sheets, or add one of 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.
Some countries require that the reports are audited and verified by an accountant. In this case it is necessary to convert the XBRL back into Excel, HTML or PDF in order to read it. Luckily, this is fully possible with our XBRL Reader.
Because of this back conversion It becomes necessary to ensure that the XBRL file isn’t manipulated after the auditing process takes place. This is handled by adding a hash total, or a fingerprint to the file. If the file is changed even a little, the hash total will change, making it obvious that the file was changed.
Our XBRL Reader displays the hash total, so the auditor can confirm that the file is correctly audited and validated. Together with our partners, we are able to facilitate the entire process of auditing and digitally signing the XBRL files.
