Cloud-based corporate performance management service provider Host Analytics and Extensible Business Reporting Language software developer NeoClarus have released a free product to help first-time corporate XBRL filers comply with Securities and Exchange Commission regulations.

The new product works by identifying and recommending the tags for mapping a company’s financial statements. From there, companies can review their statements in the context of the current XBRL taxonomy to understand the statements that need tagging and map them accordingly. The product ultimately allows users to identify items in their financial statements that they want to represent differently to better conform to the XBRL tags, rather than filing extensions.

XBRL is designed as a coded language for financial reporting, which allows users to create custom tags to identify different types of data. In 2009, the SEC issued a mandate requiring that public companies provide XBRL-formatted financial statements over a three-year phase-in schedule. This year, approximately 8,000 companies, many of them small businesses with few resources, are required by law to file XBRL formatted financials for the first time.

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