The AMANA XBRL Engine is one of the first products to receive official XBRL accreditation guaranteeing that it can process XBRL correctly. This article tells you more about this “knighthood” and why it so important when deciding to use XBRL software.
Basically, XBRL represents digitalised financial reporting: hundreds of thousands of companies use it to submit their electronic financial reports, the European Authority for Banking and Insurance is based on XBRL – and from 2020, all group financial reports must be filed in XBRL format as well.
XBRL is based on the so-called XBRL specifications, a de-facto standard. These describe how XBRL taxonomies and the relevant XBRL reports need to be set up on a technical level and how XBRL software must function. XBRL specifications are freely available and are very comprehensive and complex. Programming XBRL-compliant software takes a lot of time and requires experienced programmers and expert XML knowledge.
To ensure that XBRL software is fully compliant, in addition to following the XBRL specifications, so-called “XBRL Conformance Suite” tests are available. These consist of packages containing thousands of XBRL test cases, both negative and positive. Together with the description of the test cases, the suite enables software to be checked for compliance.
Since the autumn of 2017, the XBRL International Organisation has been offering to test XBRL software and to certify it as well. One component of the test includes running the software through the XBRL Conformance Suite.
AMANA is particularly proud of the fact that the AMANA XBRL Engine is one of the first five products in the world to have passed these tests successfully and to have been awarded certification.
With this certificate, users can be confident that the software fulfils all of the requirements needed to read and create XBRL reports. This is also important when tendering for contracts: until now all sorts of software could claim to be “XBRL software” – whereas the new official certification means companies can finally separate the “wheat from the chaff” when they are deciding which software to purchase.
The XBRL Engine is deployed in several AMANA products. In SmartTaxBalance the Engine is used to generate and validate electronic financial reports. In the XBRL Cloud, you can create, validate and visualize reports to fulfil XBRL-based reporting requirements such as FinRep, CoRep, FinaRisikoV and Solvency II. SmartNotes, the market leader in the field of disclosure management for creating business reports, also uses the XBRL Engine. The Engine has also been integrated in already existing software landscapes to enable XBRL reports to be created.