![]() The data can also be shared across to different stakeholders. With the harmonized data available electronically, the system can be used as supervisory platform to monitor and regulate all entities to be overseen by regulators. Inbuilt validation rules in the tool and business rules in the taxonomy will ensure the data compliance standards are met as per the reporting requirements defined by the regulator and the applicable accounting standards. ![]() The defined calendar will take care of filing submission and reminder alerts. With the ability to define the filing window, notification module will reduce the effort of filing reminders to be sent to the filing entities manually and the to and fro process of data submission and re-submission. The process being automated will enable regulators to receive the data, complete the review process and release the data for consumption by other stakeholders. This will ensure that regulators will receive clean and standardized data. The inbuilt validation checks will tremendously bring down the data quality checking time of regulators and the filling entities. The standard data preparation templates will enable the filling authorities to enter data in defined template easily. This will help regulators receive clean data under defined items and prepare consistent and clean reports. Simplification and standardization of reporting elements used in filing reported by different entities. They can invest the time saved in concentrated mindful effort on analysis, aided by software which can validate and orchestrate XBRL information to yield superior insights.įollowing are the benefits to Regulators on implementing XBRL based online submission platform: XBRL enables producers and consumers of financial data to switch resources away from costly and error prone manual processes, typically involving time-consuming comparison, assembly, and re-entry of data. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters, or users of business data. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. The benefits are seen in automation, cost saving, faster, more reliable, and more accurate handling of data, improved analysis and in better quality of information and decision-making. XBRL offers major benefits at all stages of business reporting and analysis.
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