Magnify® fact sheet/FAQ
- What is Magnify®?
- What are the benefits of a Magnify review?
- What are the key aspects of Magnify?
- How do I contact technical support?
- Where can I find out more?
What is Magnify®?
Magnify is CoreFiling’s desktop XBRL document review tool. Enabling you to benchmark your filings against regulatory guidelines, Magnify helps you to verify that your XBRL submissions are valid and accurately reflect your financial disclosures.
What are the benefits of a Magnify review?
- Regulatory compliance – Whether your documents are produced in-house or by a third party, a thorough review prior to submission will ensure regulatory compliance of your XBRL filings.
- Document browsing and comparison – Magnify lets you browse the contents of your document drafts, comparing them either in document order or side by side. You can also compare data over different periods and, helpfully, review your data against the XBRL submissions of your peers, enabling useful comparisons to be drawn.
- Report building – By creating customised reports, viewed within Magnify or exported to a spreadsheet, either for distribution to others or for further analysis to help you really understand the data you are submitting. Once created, reports can be re-used for any filing.
- Business focus – Designed with the business user in mind, Magnify can be used to full advantage without any prior XBRL knowledge.
- Checklist approach – Magnify’s checklist approach highlights any areas of concern, enabling you to take corrective action before filing your document.
- XBRL 2.1 conformance – with the underlying XBRL validated against the 2.1 specification, you will have complete confidence in the conformance of your submissions.
What are the key aspects of Magnify?
- XBRL document review – Magnify incorporates a sophisticated and intuitive XBRL viewer that lets you examine every aspect of either a draft XBRL document or a filing downloaded from a regulatory or corporate web site. The ability to drill down to the detail allows you to review markup decisions, definitions and the exact content of every figure or text element.
- Document and data comparisons – Compare your page against HTML, ASCII or MS Word versions. Magnify lets you compare document drafts either in document order or side by side, and you can also compare data over different periods.
- Customised reports – Magnify simplifies the building of customised reports, helping you understand the data that you are filing. Reports can be reviewed either interactively within Magnify, or exported as a spreadsheet. Once created, reports can be re-run for any selected filing.
- Calculation verification – Magnify can help you check areas of your documents typically prone to error, such as calculations. With any inconsistencies clearly highlighted, you can see at a glance which calculations are being applied to the report, enabling you to verify that all possible calculations have been included.
- Label override checking – You may be required to provide label overrides for certain taxonomy concepts to ensure correlation with the terms used in your financial statements. Magnify lets you review and verify each label override, with reference to both the original label and the underlying concept description.
- Review checklist – Magnify provides you with a comprehensive compliance checklist to follow. In accordance with the rules imposed by your regulator, some checks may be fully automated whilst others may provide the option to either accept or reject a particular aspect of the document. The checklist, complete with any review decisions made either in-house or by an external auditor, can then be shared with the preparer, making it easy to focus on those aspects of the document requiring additional work. Where required, for example for SEC filing, the checklist can be incorporated into your Disclosure Controls Procedure, so providing clear evidence of your review process.