Mago.net - XBRL Balance

The XBRL standard is the main player in the future of financial communication: eXtensible Business Reporting Language. This is a language for electronic communication of the financial information, promoted by an international consortium present in eighteen countries through local “jurisdictions” and represented in Italy by the XBRL association in Italy.

XBRL is an XML (eXtensible Markup Language) dialect where the format and structure of a document are separated from its content, complying with the requirements of flexibility and sharing.

XBRL is based on the definitions of taxonomy and instance. Taxonomy is intended to mean a file that contains a list of information categories that can be used by an instance - we can basically define it as a “dictionary”. On the other hand, an XBRL instance document is an XML document that contains the information defined in the taxonomy.

The user can select from four types available in the reference taxonomy: financial statements for the year, consolidated financial statements, financial statements in abbreviated form and financial statements in abbreviated, simplified form.

Possible future revisions of the reference taxonomies will be immediately available thanks to a specific Internet-based update function included in the module.

The XBRL reclassification schema is the fundamental requirements to create the XBRL instance.

The user creates the XBRL reclassification schema using a wizard that enables him to select the type of financial statements (normal, consolidated, abbreviated or simplified); after this they can manually enter the reference accounts in the lines of the XBRL schema or use the special procedure that imports the reference accounts from the EEC reclassification schemas.

A special Wizard assists the user to create XBRL financial statements, allowing them to select which XBRL schema to use, to verify the presence of the fundamental company data to register the financial statements with the Business Registry (e.g., the Chamber of Commerce registration number) and to select the period of reference to extract the accounting balances. After it has finished processing this, the programme also reports any balancing discrepancies (e.g. difference between Assets and Liabilities total).

To make the control even easier and more immediate there is a viewer to obtain the printout of the financial statements, reading the XBRL instance generated, which can also display the XBRL financial statements received from third parties.