CoreFiling's True North Inline XBRL Processor Enhances Transparency, Helps Regulators Take Advantage of New XBRL Capabilities
18 May 2010
XBRL software specialist CoreFiling has announced a new module for its XBRL validation engine, True North, which provides secure, scalable validation of documents created in accordance with the Inline XBRL Specification, which last week gained approval as an XBRL International Recommendation.
With the arrival of Inline XBRL, preparers of financial statements and other performance reports can combine the benefits of ordinary web pages with XBRL's smart tags. Authors can produce documents that can be viewed by users in exactly the manner intended. At the same time, since the data is "tagged" with special electronic bar codes, the same web page can be consumed and analysed electronically.
Commenting on this new product announcement, CoreFiling's CEO John Turner said: "Some time ago CoreFiling recognised the need for an answer to the rendering issue that threatened to hold back the adoption of XBRL. The company invented the Inline rendering mechanism and donated it to the XBRL International Consortium for the benefit of whole XBRL community. Our Chairman, Philip Allen, wrote the bulk of the specification and worked with colleagues across the community to steer it through the standards setting process. This unparalleled insight and understanding has helped to shape our new iXBRL Processor, which is built on the solid foundation of True North, long recognised as the 'Gold Standard' XBRL validation engine and relied upon by regulators and major corporates around the world."
"We've also added Inline XBRL support to Touchstone, our XBRL document review tool. Touchstone guides users through an intuitive examination of the content of an Inline XBRL document to gauge its accuracy and quality prior to filing. This is particularly useful for accountants who are preparing Inline XBRL documents for submission to the UK's HMRC or Companies House. In the near future it will become highly relevant in other markets as Inline XBRL is on track for rapid adoption around the world."