The XBRL tags are the links of the financial data in an XHTML formatted report to the taxonomy (freely translated: dictionary) of that year. This makes reports easier to process and more accessible to software programs. ESMA (European Securities and Market Authority) makes this mandatory for listed companies from January 1, 2022 from ESMA .
There are two methods to convert your annual report:
Method 1: Adding XBRL tags after the fact
Of course, it is still possible to compile an annual report in a traditional way and present it to stakeholders via a pdf file, a glossy and/or a website. Then that data can be “translated” by a third party into an XHTML file, with XBRL tags linking financial information to that year’s taxonomy.
- 5The company can continue to operate as it always has.
- 5Several parties are involved in the process.
- 5The process must be redone in its entirety every year.
- 5It is a costly way of working.
- 5It is an inflexible process. The iXBRL link takes place after the fact, so if there is a mistake or new insight at the last minute, everything has to be redone right from the beginning.
Method 2: Adding XBRL tags in advance.
From XBRLreports, we have taken a different approach. More direct! With XBRLreports, we don’t tag data in iXBRL from the financial data afterwards, we start doing that right away when compiling the financial figures so that everything is included right from the start.
Then linked data is then processed when the document is converted to XHTML, with an IXBRL link for the financial data. This requires a slightly different approach than you are used to, but provides many advantages.
- 5Fewer parties are involved in the process.
- 5No manual conversion, so less risk of errors.
- 5Only the link to the taxonomy needs to be refreshed annually (much remains the same), but that is fairly straightforward. So the process does not have to be redone in its entirety each year.
- 5Faster, more efficient and cost-effective.
- 5Last minute changes do not require rebuilding the entire document.
4 service concepts with XBRL tags in advance
To best serve you in a way that suits you well, we offer four different levels of service. From minimal to maximum support. And to make your choice easy, we offer our services at a fixed price, so there are never any surprises.
This provides you with the software to turn Excel data into an XHTML file (with Inline XBRL components). Including the updates and of course full support for that software. Otherwise, you do everything independently: Setting the entry point (the technical hierarchical layout of your report including the choice of the right ESEF concepts and finally linking XBRL tags to the financial data).
You will have the software to turn Excel data into an XHTML file (with Inline XBRL components). Including the updates and of course full support for that software. We set the entry point for you based on the ESEF concepts you have selected. You link the XBRL tags to the financial data yourself.
You have the software to convert Excel data into an XHTML file (with Inline XBRL components). Including the updates and of course full support for that software. We set the entry point for you, selecting the ESEF concepts that apply to you. You will only have to link the XBRL tags yourself.
You have the software to convert Excel data into an XHTML file (with Inline XBRL components). Including the updates and of course full support for that software. We set the entry point for you, determine the ESEF concepts that fit your reporting and tag the requested financial data for you. In short, we take almost all the work off your hands.