XBRL-Reports is now live!
November 20, 2018XBRL Reports is the first novel cloud-based application that allows Australian companies to report their financial performance (annual financial statement and notes) to ASIC in iXBRL format. Try it today at: http://xbrl-reports.com.au on a free 30 days Trial plan. So, what’s the big deal? This means that financial reports from Australian companies who use our tool will be digital, structured and very easy to access. Investors and analysts will no longer need to peruse hundreds of pages of PDF annual reports from companies’ websites in order to extract the financial information they are looking for, and this will save them HUGE amounts of time. It will also mean HUGE savings for others, who instead searching PDFs may have chosen to pay $thousands per year to data integrators for direct access to company fundamentals. Does this sound too good to be true? This is great! and also true. iXBRL is a new reporting format, based on XBRL – while XBRL is only machine-readable, iXBRL is both human and machine readable which makes it perfect for the financial reporting task. Australian companies can tag their financials (statements and notes) with IFRS-AU taxonomy concepts so the relevant information can be found online MUCH faster and MUCH easier by anyone interested. In summary Digital reporting in iXBRL allows companies to DECREASE dramatically the time and money spent creating shiny PDF annual reports, and STAY COMPLIANT by replacing those with tagged, digital financial performance information that regulators, analysts and prospective investors worldwide are searching for. Who else is using iXBRL? Companies in US and UK already report in iXBRL. Many other countries (e.g. Japan, India, South Africa, Russia, Denmark etc) are reporting in iXBRL, and from 2020 it will also be mandated in all EU countries. So, what are you waiting for? If you represent an Australian company that is keen on digital transformation, give XBRL-Reports a try at http://xbrl-reports.com.au on the free 30 days Trial plan and let us know what you think. XBRL Reports is in Beta stage and we welcome all constructive feedback that will help us improve it. Please also spread the word and share this link with others. Thank you for your support!