One of the great benefits of enabling an Enterprise Risk Management program is the ability to see and consistently manage risk regardless of where it resides within the organization. Consistent risk management is dependent on a lot of different things but foundationally, the organization must agree on certain key terms and these terms must be clearly communicated to management and the board of directors, and routinely reinforced in risk discussions and as management turnover occurs.
Label Linkbase[ edit ] This linkbase provides human readable strings for concepts. Using the label linkbase, multiple languages can be supported, as well as multiple strings within each language.
XBRL aims to become a worldwide standard for electronic business reporting. This requires taxonomies to present business data in many different languages.
Therefore, it is important to be able to create an element that is assigned with labels for different languages. There may also be different labels for different purposes. All labels are stored and linked to the elements in a label linkbase.
Elements defined in a schema are built to convey accounting meaning to computers.
In order to make it easier for computers to process their names, they have to obey some rules. Additionally, big taxonomies such as IFRS obey specific rules of naming and labelling to ensure consistency within the schema.
For example, there could be a list of words that are excluded from the names, e. In the label linkbase, elements are connected to human readable labels using "concept-label" arcrole.
As mentioned above, elements can be assigned to labels in different languages. Taxonomy creators may also define different labels for one element. One of the ideas of XBRL is that the information about the period and currency for which the element is reported is not contained within an element definition but is described by a context in instance documents.
In financial reporting on the other hand, many terms express the date for which they are being reported, for instance Property, Plant and Equipment at the beginning of year and Property, Plant and Equipment at the end of year. XBRL allows the creation of different labels depending on the context in which an element will be used.
Reference Linkbase[ edit ] This linkbase associates concepts with citations of some body of authoritative literature. Financial concepts appearing on business reports more often than not stem from regulatory documents issued by authorities.
For this reason, a taxonomy is often provided with a reference linkbase that presents relationships between elements and external regulations or standards the other solution is to enclose documentation in label linkbase.
This helps instance creators and users understand the intended meaning of each element and provides support for its inclusion in the taxonomy. The reference layer does not contain the full text of the regulations.
Instead, it points to source documents by identifying their name and indicating the relevant paragraphs and clauses.In this paper, we discuss the motivation and the fundamentals of an ontology representation of business reporting data and metadata structures as defined in the eXtensible business reporting language (XBRL) standard.
The audit data standard specifications were designed based on the needs of the majority of systems. encountered by its designers. For the flat file (pipe-delimited) format, this means that certain.
“repetitive” fields were fixed at a certain number. 3 Introduction to XBRL Even now, six years into the 21st century, far too many people still think XBRL might improvements that will be possible from Standard Business Reporting, which was recently announced in Australia.
Deloitte is using the standard creation of XBRL taxonomies is called Financial Reporting Taxonomy Architecture (FRTA.
The common language for financial and business reporting has already facilitated knowledge sharing and inspired change: The Chinese taxonomy and data collection is expanding, in part, based on what China’s financial professionals are learning from the various taxonomies and underlying accounting standards of other countries.
Fujitsu developed the SBR XBRL Processor at the request of the Australian Government's Standard Business Reporting (SBR) program. Our solution helps the finance sector to minimise the risks and costs associated with the transition to SBR and SuperStream by . XBRL aims to become a worldwide standard for electronic business reporting.
This requires taxonomies to present business data in many different languages. Therefore, it is important to be able to create an element that is assigned with labels for different languages.