Management Reporter supports XBRL, or extensible business reporting language. XBRL functionality in Management Reporter allows you to prepare, publish, and exchange financial statements in a common format. Regulating authorities create taxonomies that regulate the tagging of data in this common format. Companies must choose line item tags from the regulator’s taxonomy and map the tags to their financial figures. The XBRL functionality in Management Reporter automates this data-tagging process.
Taxonomies have been established in the United States for U.S. GAAP and the Securities and Exchange Commission, and also for HM Revenue and Customs in the United Kingdom. XBRL use by regulating authorities world-wide is expected to increase in the future.
The consistent identity structure of XBRL is intended to make financial information easier for analysts, investors, and others to search and analyse across companies, reporting periods, and industries without having to reenter data manually. XBRL tags can be recognised and processed by databases, spreadsheets, and financial reporting systems.