|
The Objectives of this Project are:
- To improve the data capture process in order to achieve more high quality and comparable financial information using MS Excel. [ECCBSO objective]
- To build a streamlined Filing Agent for reliable, fast and simple XBRL instance creation and data transfer. [ECCBSO and IASCF Joint objective]
- To take the next step in data collection by developing and testing a server-based solution for XBRL real data submission, validation and analysis. [ECCBSO and IASCF Joint objective]
- To create a centralised data base of real cases. ERICA - European Records of IFRS Consolidated Accounts [ECCBSO objective]
That is, this project channels XBRL data collection and improves both collection and validation process
Project Steps
1. Management Improvements
Due to the evolution of the workflow developed by the 3rd Working Group of ECCBSO and the IASCF XBRL Team during Phase I and Phase II of the project, the workflow was again taken as the basis for Phase III. However, the ECCBSO Taxonomy, spreadsheet and instance creation process continued to evolve as the technology of XBRL has improved; enabling us to test innovative changes and enhancements to facilitate usability for the 3rd Working Group, IASCF XBRL Team, as well as 3rd party software vendors and CBSOs involved in this project.
The main improvements are an advanced scheduling of the workflow, fastest possible results for users by providing the opportunity of direct XBRL instance creation on local PCs and an additional server-side submission and validation system.
Please refer to the Solution section of this website for further information on improvements.
The main categories of this part of the Phase III workflow constitute:
- Spreadsheet creation
- ECCBSO Taxonomy creation
- XBRL Instance creation
- XBRL Instance submission
Please refer to the Management and Workflow Chart 2007 for more information:
 Workflow
Chart 2007
2. Streamlined Data Collection Process
As the main objective of Phase III of the project is a solution for streamlined, effective and high quality filing of XBRL instances, IASC Foundation XBRL Team and ECCBSO 3rd Working Group decided to improve the established and stable Excel-based Data Collection Process environment of Phase II of the project.
The Collection Process which has evolved guaranteed performance during data filing and XBRL instance creation, therefore a secured and high transfer rate of financial XBRL data. In order to give users the opportunity of autonomous XBRL Instance Creation, software is provided to convert real data Excel-Spreadsheets to XBRL Instances.
This independent and fast way of instance creation also provides direct access to the financial data as XBRL and therefore an immediate result for users.
XBRL instances can then be submitted to a server system, will be automatically validated and recorded as a database entry.
To see an overview of the Streamlined Data Collection Process please see Collection Process Section:
Streamlined Data Collection Process
ECCBSO 3rd Working Group and the IASC Foundation XBRL Team’s aim was also to investigate other ways of XBRL filing processes and discussed alternative solutions which were likewise applicable for fast, effective and easy-to-use XBRL instance collection.
For Phase III of the project, the Web Instance Creation and Collection Interface (WICCI) was implemented as an exemplary solution by the IASC Foundation XBRL Team. Please see Assessment and Solution section for further information.
Assessment - Web Instance Creation and Collection Interface
3. Data Quality Assurance
Additional mechanisms provided and implemented by the ECCBSO 3rd Working Group and the IASC Foundation XBRL Team members help users to keep the quality of filed financial data at the highest level possible. Each level of filing provides utilities to find and correct issues:
- The Excel-Spreadsheet provides a build-in pre-validation system, highlighting cells which might be erroneous as well as a help section, linking financial elements to explanations. Multi-lingual labels on elements will also help users for better understanding in their native language.
- While creating the XBRL Instance, data is validated and tools return immediate feedback to the creator.
- Finally, while submitting instances to the server system, another validation is applied to state issues on the data submitted.
|
