Revolutionise Your Financial Reporting System: Transition to XBRL

XBRL may seem recently introduced, but it has been around for years. And it’s not just the increase in demand to analyse financial data that this format is gaining immense popularity. In today’s data-crazed world, XBRL is one of the most reliable financial reporting standards that offers easily readable and authoritative business and financial information.

The change from paper or PDF to HTML-based XBRL reports is similar to the shift from paper-based accounting to cloud accounting – it’s better, faster, and more efficient.

●      Is Your Current Reporting Format Machine Readable? XBRL Is.

Since XBRL data is machine-readable, it has become easier for business regulators to retrieve and analyse financial data. The XBRL standard is so comprehensive and accurate that various organisations even offer high authority XBRL format financial reports to their stakeholders and potential investors, which PDF simply cannot provide.

●      Standardised Information is Another USP or XBRL

While businesses use different ways to present their financial information, by mapping items into a standardised format, XBRL makes it easy for the data to be comparable. This further makes it easy for organisations, investors, regulators, and auditors to make sense of the financial data being presented to them.

●      Cleaner and More Accurate Data

One of the main reasons behind XBRL’s popularity is its ability to produce error-free and validated financial data. The calculation and formula checks inbuilt in the XBRL software ensures that all the mapped financial data is validated as per the Malaysian taxonomy. Consequently, businesses produce cleaner and more accurate data that boasts of high quality and authority.

XBRL: Leading the Way to Ease in Financial Reporting 

In retrospect, XBRL is machine-readable, which means the financial data can be processed, verified, and analysed by machines quickly, resulting in accurate and error-free data. Isn’t that exactly what businesses like yours expect from their accountants? With XBRL, you can transition into a better, more efficient way of reporting financial data. What’s more is that a standardised format of reporting financial data can lessen the burden of comparing it manually, reducing the workload of your analytical team.

Partner With DataTracks and Be Better Prepared

Make this transition smooth by partnering up with a reputable XBRL software solution provider like DataTracks. With 15+ years of commendable XBRL financial reporting experience and an army of experts at your behest, you can make your XBRL filings more accurate and fully compliant with the MBRS and the Malaysian taxonomy.

Be it the quality of XBRL reports or complying with the latest filing requirements of SSM, DataTracks offers a smart solution for all your XBRL filings!

Revolutionise your financial reporting in XBRL format now. Speak to a DataTracks XBRL expert @ +60-392-126-125.

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