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iXBRL is a hybrid data format that combines the best HTML has to offer regarding visual presentation and the expressiveness XBRL provides regarding a standard to describe structured business data. iXBRL has a lot to offer as a data format for a data collection. Software can read and analyse the XBRL information tags embedded in an iXBRL document while at the same time a human can read the document in a browser, experiencing the presentation that the authors intended.
For the providers of data collection software, iXBRL provides additional benefits: a self-rendering electronic data format that hides structured data that is easily extracted, validated and made available for analysis by software. With other formats, significant resources and time may be focused on rendering data collected, but as iXBRL is self-rendering it solves this problem, saving time and money. The data format aligns well with the needs of competent authorities today, providing a single ‘source of the truth’ that can be shared electronically and easily consumed by stakeholders.
A Taxonomy consists of the elements that are used to electronically tag information in financial statements. Competent Authorities are looking to leverage existing taxonomies such as the IFRS Taxonomy to collect financial information. However, the IFRS Taxonomy by its nature is not ready for local implementation out of the box. It needs to be extended by local competent authorities to reflect disclosures required by local company law and tax regulations.
Taxonomies are large, and it would be very costly if such a localised iXBRL data collection had to be created manually. Thankfully Vizor has automated the creation of an iXBRL data collection based on any taxonomy. This automation dramatically reduces costs and time associated with creating a data collection system.
The same considerations apply to changes in the iXBRL taxonomy over time and related modifications required of the data collection. Vizor has already solved this on-going maintenance issue through the development of self-service tools. The competent authority is provided with an automated toolset that can import new or changed taxonomies and deploy changes to the data collection quickly and at low cost.
Vizor not only provides an out-of-the-box system to collect data in the iXBRL format but we also empower you to leverage the data collected. Our tooling can be used to add additional functionality to the end solution such as ratio analysis and peer group analysis.
Vizor Software is a tried and tested solution for financial data collection, in use with over 30 competent authorities around the world. The Vizor Regulatory Returns product is a pre-built solution for iXBRL and XBRL data collection and delivers on the key requirements:
Competent authorities can also benefit from Vizor’s wider product portfolio with modules that extend the system to include early warning indicators and risk-based supervision.