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Monday, February 25, 2013

Back to Basics: Notes from Financial Reporting & XBRL


What is XBRL (eXtensible Business Reporting Language) is:XBRL
This is an international market driven corporate reporting information format standard
  • XBRL is a freely available electronic language for business reporting.
  • A platform for corporate reporting standards
  • A tool that can enhance the quality and efficiency of business reporting
  • A way to enhance the analysis of information contained within business reports
  • An information standard designed specifically to enhance business information exchange
  • Good is that this is available on a royalty free basis
  • This is based on accepted reporting standards
  • A market reality with broad and accelerating regulatory adoption around the world
  • The key components of:
    • Technology = XML-based specification (information format)
    • Language / dictionary = (information)
    • Terms by jurisdiction (US, Germany,Ireland, Singapore,Japan,….)
dgreybarrow-2Why this is getting popular in accounting world
  • Because this provides a database-like structure, using text files
  • This defines a collection of financial facts for a specific report, industry, and jurisdiction (taxonomy)
  • Facilitates the data exchange between proprietary systems
  • Promotes the re-use of data with far less effort
You can download a copy of Deloitte's XBRL pod cast from here. You can also download a copy of their Technology Predictions 2008Report from the same page and refer page 14 for XBLR Information.
High point of the documents is authorities are pushing to make XBRL mandatory for the submission of tax returns and financial reports. In the US the SEC already has 40+ big companies filing XBRL tagged reports.APAC countries like China and Singapore they already started.The UK Government plans to make XBRL mandatory by 2011.
dgreybarrow-2ERP Products -XBRL-enabled Products
  • ORACLE : Oracle EBS as GL FSG
  • PeopleSoft
  • SAP mySAP financials
  • Microsoft Business Solutions Navision
dgreybarrow-2The New is XBRL Specification 2.1 & Oracle General Ledger 11i/R12
XBRL Financial Reporting is supported in General Ledger (GL) through its Financial Statement Generator (FSG).
You can map XBRL Elements to FSG Row Sets.
Map XBRL Elements to FSG Row Sets
As per metalink note 602332.1, Oracle does not support XBRL 2.1.
Currently on version 2.0 of the taxonomy is supported by Oracle in FSG's. Lets hope XBRL 2.1 will be available by sometime early in 2009.
dgreybarrow-2Similar post
dgreybarrow-2Suggested Reading
Improving XBRL Implementation & Interoperability 
This white paper provides some technical insights into the improvements made to XBRL in the 2.1 version of the standard. It is primarily aimed at IT professionals that need to advise or make decisions about the use of XBRL. Download
dgreybarrow-2Reference notes
  • Note:239123.1 :XBRL Support in Oracle General Ledger
  • Note 277877.1 :Setup Checklist for eXtensible Business Reporting Language (XBRL) FSG reports
  • Note:297280.1 :FSG Reports Using XML Publisher

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