Develop repeatable and streamlined taxonomies
TAXONOMY MANAGEMENT SYSTEM®
Enterprise and regulatory performance reporting calls for data models and taxonomies which often comprise thousands of concepts. Managing their development is a complex task that needs to combine technical ability with domain expertise.
For firms looking for the right taxonomy development and data modelling tools, without lots of technical training, CoreFiling has a convenient solution.
Automate data management
CoreFiling’s Taxonomy Management System (TMS) streamlines the online development and maintenance of XBRL taxonomies. It delivers automated XBRL validation, multi-user reviewing and editing, and rapid publication of the completed taxonomy. The TMS can create Data Point Model and non-DPM taxonomies to meet specific business requirements.
Integrate XBRL taxonomy development and maintenance
Efficient and consistent taxonomy development is achieved using a continuous integration mode. An XBRL taxonomy is built automatically, validated and subjected to quality assurance checks as changes are made. Automation supports collaboration to reduce turnaround time and shortens feedback loops.
Generate ‘standards-compliant’ taxonomy publishing
Automated taxonomy generation and testing against XBRL standards provides assurance that taxonomies created using the TMS will be technically fit for purpose. Additional customised tests can be provided to ensure that the taxonomy will fulfil regulatory and technical requirements.
Collaborate between technical and business users
Key to effective taxonomy development is a collaborative approach between technical and business users. This is achieved through ‘Joint Acquisition of Requirements (JAR)’ workshops that bring together all stakeholders to create structured requirements and input templates, used to automatically generate the taxonomy.
Achieve robust quality assurance for XBRL and Data Point Modelling
To achieve robust quality assurance the process is fully automated. Testing domains such as label construction and spelling, validation and architectural principles are covered accurately and completely for each version of outputs.
There is consistency testing, continuous integration testing and assessment against best practice, working with the same tools that are used for developing Data Point Models and taxonomies.
Automate and remove risk of human error
The XBRL tool set removes elements of human error and opinion by using automated conformance test suites. These are designed to exactly match the XBRL specifications and to ensure compliance with all standards applicable to the taxonomy in question. A ‘user-friendly’ syntax is available for writing XBRL formula rules, which are then converted automatically into XBRL by the software.