What is it?

TRAX is a new breed of collaborative tool for the very specific field of XBRL taxonomy management. It has been designed using a range of best-of-breed tools to allow subject matter experts from around the world to come together and contribute to the definitions that matter to them.

What does it do?

For those unfamiliar with the idea of a taxonomy, think of it as a large dictionary of terms that will be used for financial or business reporting. Using the open standard XBRL, these dictionaries can be created to define financial concepts in terms of meaning, authoritative reference, and the labels or captions that they refer to, in many languages. In addition, the standard allows the definition of presentation and calculation rules, that show the way that different concepts are related to each other.

Taxonomies can be connected, so that, for instance, country-specific disclosure rules can be added to international financial reporting standards, or company-specific disclosures can be added to a national GAAP, to allow the clear exchange of performance data.

People that want to help improve taxonomies can use TRAX to comment on individual aspects of the definitions. As well as being available on a web page, comments and suggestions are e-mailed to registered users that are monitoring that taxonomy. Users can respond on the web page, or directly in the e-mail. And, of course, it's possible to examine what has happened to your comments, by logging into the system and reviewing the progress made by the moderators.

Is it a taxonomy editor?

The creation of complex XBRL taxonomies requires some significant expertise in XBRL. TRAX isn't a tool that builds taxonomies. It's a tool that allows communities of interest to review, improve and manage taxonomy development projects.

What is the status of TRAX

Right now, TRAX is in beta testing mode, with a number of projects using it. As we learn from that experience, the tool will get improved and released on a fully commercial basis.

How do I gain access to TRAX?

Click on How to use TRAX in the menu to your left to read some introductory instructions. There is a range of more detailed information in the frequently asked questions section.

I want to try it out!

You do? That's great! Please click on TRAX Register to gain access to the system.

How can I use TRAX for my own definitions?

Trax is available as a hosted service on this web site. Commercial organizations that are looking to use XBRL to manage internal accounting, compliance and regulatory definitions can use the service securely, and the system can be branded to suit your needs. The entire system can also be installed on your servers. For more information, please contact us