How to convert financial statements to XBRL format?
Options for converting financial statements to XBRL format
How to prepare and file XBRL reports?
The SSM XBRL taxonomy consists of approximately 5,500 elements for the MFRS financial statements and 2,364 elements for the MPERS financial statements. Filers who are involved in preparing the XBRL report should have knowledge of accounting standards and financial reporting to be able to prepare the MBRS financial statements.
Companies have multiple options to consider when it comes to preparing their XBRL reports. The best option will depend on the resources available in house.
- If you have in-house expertise then you can download and install SSM-MBRS’s free MBRS preparation tool which is designed to assist filers in preparing and generating MBRS report from the financial statements
- If you prefer an XBRL expert’s help then you could consider outsourcing XBRL production altogether to XBRL service providers like FinTags. We receive your existing financial statements in non-XBRL format accounts (e.g. Word or PDF format) and send you back accurately tagged XBRL files after quality check and successful test filing with SSM-MBRS portal.
- If you are already using a third party software then consider the possibility that the software vendor may have already have incorporated the feature that allows you to export data into inline XBRL. These software may include accounting software, enterprise resource planning software, or disclosure management software.
- If you prefer to fully integrate XBRL reporting into your existing systems and processes then you may want to consider the expertise of software service providers.
FinTags - a compelling choice for iXBRL Services
Our competitive differentiators designed to benefit our customers
FinTags is a compelling choice for companies seeking to outsource their iXBRL reporting process. FinTags team have the experience of being involved in preparing XBRL reports right from the time iXBRL filing was mandated in UK by HMRC in 2011. The team is also experienced in preparing XBRL reports for subsequent mandates in Ireland, India, Singapore, South Africa and Malaysia.
To benefit our clients, we offer meaningful differentiating features from our competitors such as
- Simple and sensible pricing: Our XBRL tagging services fees is based on actual number of pages tagged and not based on page bands. We accepts financial statements in Excel / Word or pdf formats and our iXBRL tagging services fees remains the same. Also irrespective of the applicable accounting standard, our XBRL tagging services fees is the same.
- No-questions-asked-refund policy: Our competitors assure quality, assured filing with the regulator and on time delivery. We go one step ahead - all our customer facing employees are authorized to refund money without any questions if you are not satisfied with any aspect of our service.