The software can be used to prepare both XBRL and iXBRL submissions, supporting all taxonomies such as ESMA’s ESEF, UK FRC with Irish extensions, Danish Business Authority and many others.

A set-up wizard will ask you for various details – information that often must be embedded in the XBRL but not necessarily also displayed on the face of the report, such as your reporting entity code, number scaling and precision.

Report Authority sports many other great features, such as integration with your financial systems, scaling and casting management, validations, built-in formulas and roll-forward capability.

The actual tagging process is very easy and intuitive.  Users simply find the appropriate tag in the presentation linkbase and drag and drop it onto the content embedded in the report.  Users can search in the presentation linkbase too and spare the effort of endlessly scrolling through the large taxonomy directory.

Report Authority also features an auto-tagger, which is ideal for large financial statements.  Where auto tagging doesn’t identify an exact match, you can even ask it to offer suggestions.

You may be required to create taxonomy extensions for material and business-specific disclosures not already listed within the default taxonomy, which is easy to do. Users can create the concept with the appropriate label, and specify the anchoring, if necessary.  The concept can then be applied to the document just like any other concept.

Validations need to be run on the document before finalising it. Report Authority sees the report data through the eyes of the taxonomy, so the validation results and messages will be consistent with those within the regulator’s portals. Blocking errors will need to be cleared before publishing the final document, which users can do by navigating to facts from the validation warnings directly.  Often a simple sign-flip will resolve the issue, which is also an embedded feature in the document.

Exporting the final reports is quick and easy too.  The outputs will conform with whatever type of report it is that you are producing.  For example, under ESEF, the output will include both the report in xHTML format and the company’s extended taxonomy.

This plug-and-play, low-cost software brings plenty of efficiency to the last-mile of finance.  See more information on Report Authority disclosure management capabilities here.