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Streamline Financial Reporting with Integrated iXBRL Solution: Simplifying Compliance and Enhancing Data Analysis

EcoActive ESG provides a comprehensive solution that incorporates an integrated iXBRL (Inline Extensible Business Reporting Language) capability. This powerful feature enables accounting and reporting software to generate financial reports that comply with iXBRL standards.

iXBRL is a format that utilizes XML (eXtensible Markup Language) to tag financial and business data, making it easier to analyze and compare financial information across different companies and industries. With our integrated iXBRL capability, the process of generating financial reports in iXBRL format is automated, reducing the need for manual tagging and minimizing the risk of errors.

This capability proves particularly valuable for companies that must meet regulatory requirements for financial reporting, such as tax filings, financial statements, and annual reports. By leveraging our integrated iXBRL capability, companies can ensure compliance with these regulations while streamlining the reporting process.

Furthermore, the integration of iXBRL’s capability enhances accessibility and comprehension of financial reports for investors and other stakeholders. The standardized format and tagged data enable easier analysis and interpretation of financial information, fostering transparency and accountability.

Manage ESG Reporting

The process involves identifying the relevant ESG material issues, reporting on them using a chosen framework, collecting data from various sources, and creating an ESG report.

Tag And Generate ESG XBRL Filings

An appropriate ESG taxonomy, such as SASB or TCFD, is selected based on the mandate, and this taxonomy is used to tag the ESG report data to generate precise XBRL filings.

Review Your XBRL

To ensure accuracy and completeness of the XBRL filings, it is important to review that each fact or data point in the report is correctly tagged, correct context, scaling and other attributes are assigned.

File With Regulator

It is important to validate the reviewed XBRL package against the business rules set by the regulator. Once the package has been validated, it can then be submitted to the appropriate regulator, such as the SEC or ESEF.

By choosing EcoActive ESG with its integrated iXBRL capability, companies can benefit from streamlined financial reporting processes, improved accuracy, and enhanced transparency. We are committed to empowering your financial reporting efforts, ensuring compliance with regulatory requirements, and facilitating effective communication with stakeholders.

Experience the efficiency and transparency of financial reporting through integrated iXBRL capability by partnering with EcoActive ESG today.