XBRL APPLICATIONS
Incorporating XBRL formatting or tagging into the financial reporting process can be accomplished by using a host of XBRL software products as discussed in the next few paragraphs.
Taxonomy creation/extension tools allow a user to create, edit, and extend XBRL taxonomies. These can be stand-alone applications that receive data from enterprise-wide accounting systems, or an add-in to Microsoft Office applications such as Word or Excel.
Taxonomy validating tools validate extended or edited taxonomies against XBRL 2.0 and XBRL 2.1 specifications.
Instance creation and validation tools, like taxonomy creation applications, allow a user to create, edit, and validate instance documents based on established taxonomies. These can be stand-alone applications that receive data from enterprise-wide accounting systems, or an add-in to Microsoft Office applications such as Word or Excel.
XBRL API layer tools enable a developer to work at an application level to correct issues, customize, or automate functions that pertain to the entire reporting process.
XBRL Analysis applications allow a consumer of financial information to extract data from an XBRL formatted document and compare it to similar data extracted from other XBRL formatted documents. This application could be used by several types of end users such as investors, analysts, and regulators, who are looking for an easy and efficient way to extract, compare, and analyze data across industries or within specific time frames for a single company.
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