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Monday, February 25, 2013

What are the options for XBRL reporting?


There are mainly three options you can think for XBRL reporting
  • External - typically this is outsource to third party
    • Expensive, restricted timelines, additional review processes
    • Outsourcer is still responsible for accuracy of filing and related compliance
  • Internal - this can be Bolt-on XBRL tool at the end of the reporting process
    • Addresses XBRL tagging and filing at the end of the reporting process
    • Possible lower cost but can be inefficient and time consuming due to disparate systems
  • Internal - this can be your Integrated XBRL reporting
    • Integrates XBRL into an organizationfs financial close & reporting process
    • Enhance existing filing process to seamlessly integrate XBRL in a unified environment
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