The quality of your compliance report plays an important role when submitting your filings to SEC. The eXtensible Business Reporting Language (XBRL) standardizes and increases the usability of data, and reduces information asymmetry by delivering interactive, digital financial reports to investors and stakeholders, as well as regulators.
What are the benefits of choosing an XBRL certified software?
With the availability of several compliance reporting tools, it becomes complex and monotonous to identify the right software to comply with the correct reporting standards of regulators. A certified software in such situations is an ideal solution as it facilitates interoperability and ensures accuracy and conformity to regulations.
An XBRL certified software adheres to the rules of Data Quality Committee (DQC) and provides users with clear instructions and guidance on the process of data-tagging, identifying errors and inconsistencies across financial data to be filed with SEC in the United States. To do this, the automated validation tool flags and helps fix incorrect values and relationships between various elements.
DataTracks Rainbow does exactly this. Besides the basic features of editing and validating XBRL tags, it offers myriad possibilities for filers to resolve errors and fully benefit from the adoption of XBRL and Inline XBRL. It helps users validate data, facilitate better access to table linkbase, contextual insights and comparison reports.
In addition to being certified as an XBRL software, it is even more advantageous that the software is certified in each of the XBRL modules, such as the Core, Extensible Enumerations v1.0, Units Registry v1.0, Formula v1.0 and Inline XBRL v1.1. DataTracks software is certified in each of these categories, which testifies that it is rigorously tested for report creation and consumption.
The objective is to unlock the potential of XBRL and Inline XBRL reporting and empower clients to trust and be confident about their data quality.