XBRL

XBRL stands for eXtensible Business Reporting Language. XBRL facilitates the transfer of data independent of the underlying source systems by “tagging” data with a finance-specific set of XML codes.

Instead of increasing reliance on spreadsheets or expanding technology infrastructure to move data and generate reports, XBRL leverages simple Web-based technologies to tag data and build a single source of contextualized data.

Jefferson Wells can assist clients with the implementation of XBRL to meet regulatory requirements – providing both SEC reporting and XBRL specific skills. In addition, Jefferson Wells can also offer services to implement XBRL to address unmet data and reporting needs, using an alternate technology to address specific business performance management and other reporting gaps in a timelier and less expensive manner.

Simply put, XBRL is a cost-effective solution to gain additional mileage out of existing data without implementing additional technology infrastructure. The organization gets the data it needs to manage and improve business while reducing the cost to manage that data.