There are over such companies in Canada. We believe that society has changed to a data oriented society, one in which data is becoming available in unprecedented forms and quantities; one where more and more detailed data is being disclosed by companies; one where data ranges from detailed data to big data.
This is common, even between businesses that share the same financial software products. This inconsistency makes it difficult for organizations to share information reliably or cost effectively when performing many aspects of their business, including applying for credit, reconciling accounts, or reporting to investors, or many other common activities.
To further complicate the problem, the way a single field or element of information is defined can be affected by jurisdictional regulations. The value of an asset may be defined quite differently in the U.
Hence, there may be many different actual definitions of a single element type such as "asset value", or "price", or other seemingly simple bits of data. These distinctions affect a wide range of organizations since there aren't many large companies that operate in a single regulatory jurisdiction anymore.
XBRL creates a vocabulary for describing exactly which bits of information are being included in a report, even to the point of taking regulatory jurisdiction and other variances into consideration.
Where Does It Come From? One aspect of the AICPA mission is to establish professional standards, in how accountants behave, perform, and communicate information. In other words, they define the principles and terminology used in that jurisdiction and all developed countries have an equivalent organization setting standards for their constituency.
The structure of XBRL now recognizes both regional jurisdictions as well as various industry domains involved in business reporting. There are currently 13 active jurisdictions listed on the XBRL web page as well as instructions for establishing new ones.
Ten jurisdictions are active within XBRL. What Are They Working On?
Every business has to account for and report information, whether private or public, profit or nonprofit, and regardless of what types of products or customers or location you work in. That is why several nearly distinct "industries" fit together in this larger grouping.
There are currently six officially recognized, related industry domains called Supply Chain Communities SCCs that are actively involved in business reporting as well as several others not yet formally recognized by XBRL.
Each of these types of organizations perform a role that are either suppliers, recipients, or both, of business reporting information. As you may have realized from this background information, the job of creating the taxonomies and processes to be used for reporting business information globally is a large undertaking.
Currently, the work is divided into eight general Working Groups WG with domain-specific working groups being created as needed. Over organizations have joined XBRL from around the world and interest is high.
What Else Is There?SBR is an enabling technology that can be re-used in many ways saving the community and government agencies time and money.. SBR is built into business/accounting software and allows businesses to significantly reduce the time spent collating information, filling .
the business reporting standard XBRL US is a not-for-profit organization supporting the implementation of digital business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration.
What is MAS Open Taxonomy? Taxonomy is the science of classification. The MAS / Taxonomy condenses over , data points of the MAS into 1, reusable business concepts to provide a data-centric view of the MAS / instead of a form-centric view. Standard Business Reporting (SBR) is an Australian Government initiative that simplifies business-to-government reporting.
SBR introduced a single, secure sign-on to submit reports to participating agencies called AUSkey. It also created a single Australian reporting taxonomy, which is the language entities most commonly use to send . The Taxonomy Architecture describes how SBR designed the structure of the taxonomy using XBRL.
Rather than develop the taxonomy from a government agency and forms perspective, the taxonomy is designed from an information classification perspective. Standard Taxonomies This page contains an up-to-date listing of XBRL schemas and linkbases of standard taxonomies that are supported for the Commission's Interactive Data programs.
The choice of standard taxonomies is affected by the type of entity and the .