iXBRL - Improving efficiency in compliancy with CCH Tagetik

With the new technology comes new strength and new thoughts

In the past, XBRL submissions were required by the Chamber of Commerce. These submissions were always more technical, being readable only by machines and analyzed using technology by those sufficiently familiar with the system. The introduction of iXBRL changes this: the format now becomes readable not only by those with translation tools, but by anyone with a browser.
This presents a unique opportunity for companies to combine compliance with the needs of corporate publication. In an era of fake news and fact-checking, the role of data and transparency becomes a necessity for reliable communication. And isn't the best way to inform your customers and employees about your company's performance through the same channel through which you report to the authorities? Combining these audiences gives the ultimate sign of trust and transparency. This technology allows you to showcase your company's performance and deliver the right message to your audience.

"And isn't the best way to inform your customers and employees about your company's performance through the same channel through which you report to the authorities?"

And how do you get there?

Yet getting there does not seem to be the easiest task. Impactful regulatory changes like this often involve project groups, steering committees and long hours. The impact of iXBRL still requires the attention of various departments within your company. However, from a technical standpoint, the requirements have become much simpler thanks to advanced developments in technology.
The collaboration between EPM, Machine Learning and developers at the regulators enables advanced tools that can automate the tagging process. This puts the finance department back at the helm of the project. It also helps free up time and budget to work on the story. And telling a good story is key to turning data into impact. And let's face it, isn't that exactly what you want to achieve?

And what does it look like?

This short English-language unboxing video lasts about fifteen minutes. Two of our CCH Tagetik experts will review the materials and discuss news and developments around this topic.

In this unboxing video, we will reveal the mysteries surrounding iXBRL and discuss topics such as:

• What is iXBRL reporting?
• What is the difference between iXBRL and XBRL?
• What are the requirements for iXBRL reporting?
• How does CCH Tagetik approach this issue?
• What other options are on the market?
• What do we need to do to get started?

This unboxing video should be of interest to professionals in the financial community who work for publicly traded companies using CCH Tagetik.

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