FIRE report with XBRL tagging to support the report submission.
eXtensible Business Reporting Language (XBRL) is a standard for digital reporting of financial, performance, risk and compliance information. It is a freely licensed, open standard available to all.
The provided XBRL taxonomy is an example. If implemented by a national authority, this taxonomy would facilitate reporting by entities in formats such as XBRL-XML or xBRL-CSV. Some jurisdictions already have existing XBRL-based reporting mechanisms, while others may choose to use different methods for implementation.
There are a variety of XBRL tools – both open source and enterprise-wide – available for institutions to facilitate the validation and creation of XBRL reports.
In its simplest form, an Excel plug-in could provide the FIRE template, and after updating, it could run the validation rule along with the generation of the submission-ready XBRL file. Institutions can explore various software solutions that meet their specific needs, including open-source options, to effectively manage their XBRL reporting requirements.
More information about XBRL and supporting software is available on the XBRL International website.
Download: