XBRL (eXtensible Business Reporting Language) is an XML-based programming language that serves in the sharing and dissemination of corporate financial reporting data.
Within XBRL, information is identified by "tags", which have specific data labels that adhere to the structures of certain financial taxonomies (i.e. U.S. GAAP). By now, most companies have been reporting in the XBRL format for at least a few fiscal cycles. Yet there are still multitudes of mistakes made within the XBRL reports, as well as a general feeling of doubt and confusion among producers and consumers of XBRL in regards to its usefulness.
XBRL Tagging & Formatting
As with our EDGAR process, send us your financial statements and let our experienced team of operators use their industry expertise to create, tag and format highly quality XBRL reports for you. One of the biggest issues and complaints with XBRL reporting is the high usage of extended elements, or simply “extensions” within the reports; these are element “tags” that are created by XBRL operators that fall outside of the existing definitions within accepted taxonomies (such as U.S. GAAP). While the SEC has yet to crack down on the use of extensions, as not all financial items and situations fit within the defined taxonomies, there is a big push from both lawmakers and XBRL consumers for the SEC to enforce stricter quality-assurance measures for XBRL reports. We at Sharello will optimize your XBRL experience to ensure:
Unmatched Reporting Accuracy – it is widely accepted that the lower the extension percentage of a XBRL report (the number of extended elements used as opposed to taxonomy-defined elements), the more accurate and presentable it is. Our experience with XBRL tagging and our exceptional diligence will boost the clarity and quality of your XBRL report by cutting down on the use of extensions as much as possible.
Full-Process Support - we will provide you with XBRL previews throughout every round of necessary revisions, to ensure accuracy and appropriate tagging. We are available around-the-clock for both email and phone support to make sure that your entire reporting process is smooth and to eliminate any stress that often arises with XBRL reporting.
Significant Cost-Savings - many of the largest financial printers and filings agents charge between $5,000 to $15,000 for a single 10-Q or 10-K financial report for larger reporting companies, the bulk of which is the cost associated with XBRL; for mid- and small-sized reporting companies, the cost can still range from $2,000-$8,000 for a single quarterly or annual financial report. As we believe those pricing options are really not much of an option at all, we at Sharello can simply save you and your company money. Our larger clients often enjoy cost-savings of 50% or more, while our smaller clients benefit from significant savings, as well.