Create the reporting structure to collect digital data

Many data collectors, such as regulators or analysts, are challenged by structuring and defining the information elements that enable the collection of high quality information. Deloitte helps to create structured reporting sets by designing XBRL taxonomies to collect data in digital form.

Challenge

Regulators, standard setters, and investor communities collect information to execute regulatory policies, to develop principles and guidelines, and to make investment decisions. The collection of data requires creation of reporting sets that are readily understandable by the reporters. Yet, many data collectors have difficulty in structuring and defining the elements that enable the provision of consistent and high quality information. 

Deloitte helps organisations to design reporting sets for the exchange of data using the XBRL standard.

Added value

The XBRL taxonomy is a precise reporting set that defines all reportable items and provides supporting information, such as a hyperlink to the regulator site explaining the reporting requirements in more detail. It enables users to identify individual reporting elements and tag this data in reports which can easily be shared digitally. As a result, report users, such as regulators, investors, and analysts can better find and analyse information.

Efficiently collecting digital, high quality data

Collecting and validating data can be very time consuming, leaving little time for the actual analysis to produce information and insight. Implementing XBRL-based systems to receive, validate, and analyze digital data result in higher quality data and more time for analyses.    

Challenge

Data collectors (e.g. regulators or data aggregators) process large amounts of data as input for their final products. Collecting, processing, and validating this data can be very time consuming, leaving little time for the actual analysis to produce information and insight. 

To transform data collection processes from paper-based to efficient digital systems, Deloitte supports the implementation of XBRL-enabled data collection, validation, and analytics systems.

Added value

XBRL enables automation of your data collection, preparation, and validation with digital reporting solutions. Automation allows the elimination of many inefficient, error-prone manual activities to process submitted data. As a result, significant reductions in data processing time and costs can be obtained, as well as increased consistency and quality of information. Using XBRL means saving time in data processing thereby enabling the allocation of more time for effective data analyses.

Assessing the quality of digital XBRL reports

Regulators, investors, companies, and analysts increasingly use XBRL data for their analyses. This enhances the need for reporters to control the quality of the digital disclosure of financial and non-financial information. Deloitte offers XBRL assurance services to assess and elevate the quality of digital, tagged information.

Challenge

Many regulators, investors, and other stakeholders turn to digital data as they realise the value of analysing financial and non-financial reports electronically. Digital data provides detailed information that is easy to consume and interpret. Investors base their buy and sell decisions on it. Regulators use it to supervise the markets and select companies for closer inspection. Additionally, incorrect filings may be rejected by regulators, often resulting in fines. This requires reporters to make sure these parties use the right information and interpret their company’s data correctly. 

Deloitte provides assurance on the quality of XBRL reports by effectively combining XBRL expertise and audit experience to review your XBRL reports to verify the content and technical completeness.

Added value

Many reporters have limited experience or skills to verify the process and output of their XBRL reports and the correct application of the XBRL filing requirements, whether they choose to outsource or do the reporting in-house. Assessing the completeness, accuracy and consistency of XBRL-tagged data helps to minimise the risk of communicating incorrect information to stakeholders.

Offering quality to digitalised G4 reports

Publishing sustainability reports in the digital format (XBRL) improves communication efficiency with key stakeholders. Preparing G4 reports in XBRL provides alignment with the G4 Guidelines. Deloitte offers G4 XBRL Conversion and Assessment services to assist clients with their sustainability disclosures.