Governments and regulators all over the world, are more and more standardizing business reporting processes using XBRL technology specification as an enabler. This creates an efficient and transparent system and enables higher quality in the business reporting process. Within this reporting chain entrepreneurs, financial experts, and accountants have to work with Business Reports formatted in a way that is not very user-friendly to read and to understand, since XBRL uses XML as a formatting language. XBRL is a technical technology that requires its own audit and control processes.
This is where CompliantCloud, a product of Semansys, brings users the functionality to validate and render XBRL reports and an easy and automatic way without the need for any technical expertise. CompliantCloud helps you to quickly and easily use and understand what is reported within XBRL reports. It supports downloading and sharing the results with your team or simply downloads the reports in PDF and HTML to share them within or outside your organization.
The process looks like the following:
It will process a financial statement in XBRL format and will automatically perform actions and provide human-readable output. When we focus on the report creation process the application follows various steps and reports as visualized below.