CoreFiling, the specialist electronic reporting joint venture of Business Wire and DecisionSoft, recently announced a new document generator that uses standard XBRL business reporting definitions to create intelligent PDF forms with TagTips data binding. The patent-pending invention stands to cut red tape for companies currently dealing with paper-based forms for financial and compliance reporting.
XBRL, the eXtensible Business Reporting Language, is the freely licensed standard for defining and exchanging performance information, up to and including full financial statements. The standard has been developed by an international consortium of accounting firms, software vendors and report preparers.
End-users can complete the forms on-screen, import information directly from XBRL-capable spreadsheets or other accounting information systems. The forms support real-time validation assistance, warning users about mistakes and reducing the chance of restatement. In addition, the TagTips link information in documents with the underlying definitions. The resulting PDF documents — with embedded XBRL data — can then be submitted to regulators and other XBRL consumers.
‘Government agencies, regulators, banks and securities markets need compliance information from their customers. Combining XBRL with PDF creates a single document which will support paper, form-based, and system-to-system filings simultaneously,’ said Melonie Warfel, Director of Standards for Adobe. ‘This is a breakthrough which will lower the barriers to implementation for compliance and regulatory projects around the world.’
CoreFiling Chief Executive, John Turner, explained the way that the technology will get used: ‘TagTips(R) add a new dimension to PDF, providing a practical, simple, and familiar environment that promises to radically improve the quality of financial and compliance information. It combines the accuracy of XBRL financial data with the convenience of visual or printed documents. We expect that TagTipped PDFs will become the new standard for compliance and regulatory filings worldwide. We are delighted to be announcing this development today.’
The CoreFiling TagTips PDF environment is currently being road-tested, with formal product releases expected in the fall.