XBRL processing systems reach from high-speed acceptance of filings through to processing and data storage. The heart of the process is automated validation, based around pre-defined taxonomies and executable business rule languages.
Following the increase in XBRL reporting mandates throughout the world, regulators, government agencies, banks, insurance companies, audit and accounting firms are experiencing a rise in the amount of XBRL data available within their organisations. However, without effective XBRL processing capabilities former paper-locked data is now simply XBRL-locked.
CoreFiling provide native XBRL extraction and processing capabilities enabling raw or derived data to be used for all types of data mining purposes. Financial report processing can be defined at the semantic level allowing direct application of business knowledge to information systems. For example, powerful rules can be defined, expressed in financial language rather than technical syntax.
CoreFiling’s XBRL processing engine, True North®, was developed by the team who built the first conformance suite for the XBRL Specification.
Advantages of the CoreFiling solution
- Timeliness – Connect to data sources to use information as soon as it becomes available.
- Business-user oriented – Processing requirements are defined with direct reference to taxonomies. Taxonomies are written to be understood by the business user. They define exactly what each fact means and why it has been reported.
- Integrates into your system – Extracts data in a format compatible with existing business intelligence tools.
- Data quality – Applies gateway rules to ensure that the data being accepted into your system conforms to data quality and availability standards.
- No redundancy – Extract only the data you need to carry out the analysis. Reprocess source data quickly when requirements change.
- Processing of multiple sources – Normalise the XBRL data from multiple mandates before entering into the system. For example, as our rules engine is based on XBRL standards, rules can be created once and then mapped to other taxonomies, independent of differing taxonomy nomenclature.
- Future-proof – Products conform to the overarching XBRL standards, not to specific mandates, so if a particular taxonomy changes the reports generated will always contain valid XBRL.
- True North® has long been recognised as the fastest and most complete XBRL validator, providing enterprise-quality enforcement of specification and taxonomy constraints on XBRL documents.
- True North® iXBRL Processor validates Inline XBRL documents and delivers accurate conversion into XBRL instance documents.
- Sphinx® is a business rules language designed to provide easy-to-read data validation logic for complex XBRL validation applications. Sphinx rules are processed by True North®.
- XII Formula is commonly used for the publication of widely used XBRL validation rules-sets. XII Formula is processed by True North®.