We’ve discussed how XBRL was developed by a global consortium with an aim to standardise financial reporting and simplify sharing, analysis, and forecasting of global business by freeing up the access to business data.
If you’re a global business or are looking at expanding across borders, the international best practices and global reporting formats offered by XBRL are a priority for you.
How implementing XBRL allows you freer growth on a global scale
The international support for XBRL is large, and the format is supported currently by more than 600 member-organisations in private and public sectors.
With applications in government, accounting firms, private companies, regulators, data providers, and analysts and investors, XBRL opens up a new range of opportunities:
Accurate reports, statistics, and forecasts are key to engaging with investors and foreign regulators.An integrated XBRL solution that is automated and connected directly to your source data reduces errors, miscalculations, and other potentially harmful mistakes that may deter future investors or global stakeholders.
The process you follow in the implementation of a fully-integrated financial reporting solution – if you haven’t already – encourages you to take a hard line on your data, and ensure the information being fed into the solution is accurate and consistent.This benefits your business by ensuring that your reports are timely and you aren’t allocation wok-hours to fixing endless problems.This data can then be shared easily with foreign regulatory and reporting bodies, should you reach the point at which your financial statements and reports are required.XBRL also has transactional capabilities which allow for a system-independent exchange and analysis of data, complementing your financial performance management with information that can be used to improve your supply chain performance.
XBRL reporting can be set up to generate reports in US formats, and likely more once the format becomes commonplace.With EDGAR (the US Electronic Data Gathering, Analysis, and Retrieval System) reports, your South African business data can be simply shared with US-based authorities and gives multi-nationals a simple way of sharing financial data.With a flexible, scalable interface, the XBRL functionality, together with your CDM and financial performance management software can give you and you international stakeholders and authorities a full view of the business without manual format changes and presentation.
The XBRL global network is growing and will continue to grow as long as the simple and accurate methodology is met. With this in mind, implementing an XBRL solution in your expanding business may allow for strategic partnerships, data sharing, and growth-tracking that is clear, concise, and validated.
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