CoreFiling brings collaboration to the XBRL community with TRAX
Tokyo, November 9th 2005.
CoreFiling Limited, the XBRL specialists, today announced the general availability of its unique TRAX service. TRAX provides a collaboration platform for the construction and improvement of XBRL taxonomies.
TRAX amplifies the efforts of XBRL (eXtensible Business Reporting Language) project teams producing XBRL representations of international, national, sectoral or corporate reporting frameworks. TRAX simplifies XBRL and makes the essential dictionaries (or ‘taxonomies’) accessible to business users, for comment and improvement. TRAX allows the rapid expansion of the crucial taxonomy review process from a handful of specialists to a large virtual community of business experts.
The XBRL standard is enhancing the speed, accuracy and usefulness of business reporting everywhere. Taxonomies are the backbone of electronic reporting with XBRL, providing precise and detailed definitions for every concept in a disclosure report or regulatory form. With TRAX, users browse through taxonomies in a very intuitive manner, examine the individual components of definitions, including labels, descriptions and authoritative references as well as calculation and presentation designations. Whenever a suggestion, question, problem or issue comes to mind, users can click on a small commenting icon and contribute directly to the solution. Other registered users can then respond to that comment, via e-mail or directly on a TRAX web page.
Commenting on the release, John Turner, CoreFiling’s Chief Executive said “TRAX enables direct collaboration between communities that need to use XBRL to define financial or performance reports. Comments and issues are tracked, new ideas captured and problems solved. TRAX brings business experts together, worldwide, in an intuitive and simple manner. A continuing trial with the US community of XBRL taxonomy builders appears to be extremely positive so far.
Until now, the process of obtaining feedback about proposed taxonomies has been a complex and often chaotic exercise, requiring time and dedication from specialists and coordinators.TRAX changes all that: it makes XBRL taxonomy development a truly collaborative exercise. We are very pleased to be able to bring this tool to the XBRL community at this important time for XBRL adoption worldwide.”
“TRAX itself is the product of a collaborative effort, and we remain excited about further enhancing the service with our business partners, WebOrganic systems and Galexy.”
More information, and access to the service, is available at corefiling.com