XBRL

XBRL fact sheet

XBRL (eXtensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe financial information for public and private companies and other organizations. XBRL's value is in connecting systems, and this is managed through the XBRL Consortium's Conformance Suite process. When working with XBRL, it is important to ensure your standardisation by checking your adviser's pass / fail status on the Conformance Suite tests.

INMAN provides solutions for Business Reporting. The INMAN philosophy is to build an agile business layer around existing enterprise systems, giving clients all the benefits of contemporary products such as XBRL, whilst protecting their substantial investment in their existing enterprise system and database.

XBRL plays a key role in the INMAN philosophy. We use XBRL to develop intelligent, self validating on-line applications, as well as building the often complex benefit and investment calculations required by our clients. By integrating XBRL into the enterprise database and/or an automated workflow system we substantially minimise the business and compliance risks associated with Business Reporting.

XBRL benefits all members of the financial information supply chain. XBRL is:

A standards-based method with which users can prepare, publish in a variety of formats, exchange and analyse financial statements and the information they contain.

Licensed royalty-free worldwide by XBRL International, a non-profit consortium consisting of over 170 leading companies, associations, and government agencies around the world. XBRL Australia is supported, among others, by the National Office for the Information Economy (NOIE), the big accounting firms, major banks, both accounting professional bodies and leading software houses.

Permits the automatic exchange and reliable extraction of financial information across all software formats and technologies, including the Internet.

Benefits all users of the financial information supply chain; public and private companies, the accounting profession, regulators, analysts, the investment community, capital markets and lenders, as well as key third parties such as software developers and data aggregators.

Does not require a company to disclose any additional information beyond that which they normally disclose under existing accounting standards. Does not require a change to existing accounting standards.

Improves access to financial information by improving the form of the information and making it more appropriate for the Internet.

Reduces the need to enter financial information more than once thus reducing the risk of data entry error and eliminating the need to manually key information for various formats including:

a printed financial statement,
an HTML document for a company's Web site,
an ASX, ASIC, APRA, ABS or ATO filing document,
a raw XML file or
other specialized reporting formats such as credit reports and loan documents

thereby lowering a company's cost to prepare and distribute its financial statements while improving investor or analyst access to information.

Leverages efficiencies of the Internet as today's primary source of financial information. More than 80% of major US public companies provide some type of financial disclosure on the Internet, and the majority of information that investors use to make decisions comes to them via the Internet.

XBRL meets the needs of today's investors and other users of financial information by enabling faster and more in-depth analysis to help them make informed financial decisions.

INMAN is a member of XBRL Australia.

For a white paper that summarises XBRL well in a 14 page PDF, see Software AG's

For a white paper that focuses on Banking in a 12 page PDF, see Ernst & Young and Morgan Stanley's

For global information on the leading Taxonomy Builder and XBRL Repository, see http://www.ubmatrix.com

For more information on XBRL go to http://www.xbrl.org.au

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XBRL fact sheet

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