GLOMIDCO consists out of a large team of driven integration specialists. We thrive because of our outstanding ability to enhance customers’ IT and business agility through both high-level business knowledge as well as deep technical expertise. We support our consultants in each of their development paths, as continuous learning is one of our key values. After more than 15 years in the field of IT integration, we are proud to have grown into the GLOMIDCO that we are today.
Upgrade your financial reporting capabilities
GLOMIDCO's XBRL adapter tackles recognizable problems that many companies face when it comes to financial reporting, namely: the lack of transparency, efficiency, and accuracy. The adapter adds functionality to the Software AG Integration Server that allows the organization to extract, aggregate, sort and render financial information from disparate enterprise systems throughout the enterprise. This allows organizations to gain an increased transparency in the company's business information supply chain, optimized compliance-related processes, increased business agility through continuous auditing and an improved governance landscape.
Features and Benefits
By adopting XBRL, a reduction of information asymmetry will be achieved; allowing improved auditing processes and forecasting accuracy to come into place. Companies with a high level of data complexity become more transparent to the public and are therefore easier and less risky to audit, which in turn leads to easier access to the financial market.
|Continuous Auditing||Exceptions and anomalies can be identified as soon as they occur, patterns and trends can be analysed and control and risk assessments can be performed. The (near) real-time aspect of XBRL allows financial information to be evaluated on its integrity and verified constantly for errors, fraud and inefficiencies. In combination with Business Process Management (BPM), this enables the organization to handle on exception, rather than checking all the information by keying and transferring data to all destinations manually, leading to substantial decreases in costs.|
|Taxonomy Compatibility||XBRL uses the taxonomy as defined by the regulatory bodies and is implemented in such a way that all the needed information for each financial report that needs to be produced is readily defined through the definitions, relationships and business rules of each item on the financial report. In this way, validation can be done on both data level and information level, meaning that not only the validity of the data format is checked, but also the rules that are defined between different data items (e.g. calculations). Using the taxonomy, the financial information in XBRL format can be sorted and rendered into different forms such as an annual report, a tax return or a filing to the Stock and Exchange Commission (SEC) etc. The taxonomy ensures that no different interpretations of concepts and definitions can occur through standardization.|
|XBRL Standards supported||The goal is to support every XBRL specification once it reaches the recommendation status by the XBRL International organization. Our current release supports the core XBRL standard, which consist of XBRL 2.1 and the Dimensions specifications. The next release, coming soon!, will add support for the Formula specification, which allows for complex semantic validation of XBRL instances. Also included in this release is support for the Table linkbase, which provides a way to display complex data in well, tables. Inline XBRL (or iXBRL) is currently not supported.|
|GLOMIDCO's far-reaching XBRL expertise||With our company’s 15 years of experience in integration, the combination of XBRL and middleware manifested itself into GLOMIDCO’s XBRL processor as a solution for current problems in the field of business reporting. GLOMIDCO has spent the last 3 years researching the complexities and opportunities of the XBRL technology. Our expertise reaches beyond the XBRL technology to the specific applications within the financial field.|
|Compliance||Achieving compliance using XBRL saves a tremendous amount of time, as it enables a financial report that meets all requirements by jurisdictions (e.g. COREP/FINREP; CRD IV; Solvency II; EDINET; and US-GAAP) to be produced within seconds. This also results into a substantial decrease in auditing costs, as checking the financial reports will no longer take as long as it used to.|
|Governance||For today’s enterprise, the issue of understanding financial report consolidation and the controls that consists around those reports is a critical part of corporate governance. XBRL technology will improve the manner in which information is produced, verified and disclosed, making building a corporate culture of accuracy and accountability easier.|
|High-volume-messaging-orientated||What makes this XBRL processor unique is that it is built from the ground up with high volume messaging in mind. The XBRL processor implements the various XBRL standards and is able to create an XML representation to work with existing applications and make full use of the investments in the current IT infrastructure.|
|XML representation||A XBRL Taxonomy (comparable to a XML Schema) consists of many files. By creating a single XML Schema for each entry point it becomes just as easy as regular xml to map, while still providing all the XBRL specific features and functionality.|
|White Paper||XBRL - TRANSFORMING YOUR BUSINESS INFORMATION SUPPLY CHAIN|