Puja Agarwal
asked almost 4 years ago
How do companies create statements in XBRL?
acharya
answered over 3 years ago
Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL. Applications can transform data in particular formats into XBRL. For example, web sites are in operation that can transform filings into XBRL format
Anshul Dhawan
answered over 3 years ago
XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags. Statements can be mapped into XBRL using XBRL software tools designed for this purpose. Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL. Applications can transform data in particular formats into XBRL. For example, web sites are in operation that can transform filings into XBRL format The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.
