Introducing: Wdesk Taxonomy Analyzer
On Wednesday, WebFilings debuted our new XBRL Taxonomy Analyzer to 200 accountants at the quarterly meeting of the SEC Professionals Group in Santa Clara. This valuable component of our end-to-end External Reporting Solution was enthusiastically received by this audience, who are looking to discover best practices in complying with the SEC’s XBRL mandate. We designed this solution to provide simple, useful access to the taxonomy and to assist accountants in finding the right XBRL concept tags for their filings.
As most innovations do, this solution came about by necessity. Our XBRL team quickly came to realize that the SEC reporting software on the market was inadequate. There wasn’t a simple solution for searching the taxonomy and comparing XBRL tag choices made by companies. While it is helpful to know that X percent of companies chose a certain tag, filers need more information on the instance of where or how a tag was used by other filers. Our development team was able to successfully build an innovative solution to fulfill this need which we have been using internally. After previewing the feature to several customers, XBRL pundits, and consultants, we have made a decision to provide a free version on our website.
Features of the Taxonomy Analyzer
Wdesk Taxonomy Analyzer enables users to search or browse the US GAAP Taxonomy and view near real-time SEC filings of multiple companies, side-by-side, all in one solution. The Taxonomy Analyzer also provides iconic, visual indicators of taxonomy extensions filers have created. These features can help accountants in the XBRL search and discovery process, and increase their confidence and comfort with the tag choices they are making.
The Taxonomy Analyzer provides a key missing resource for the XBRL community to leverage in understanding the direction that companies are taking in their tag choices and extension decisions. In addition, the solution enables accountants to easily “crowdsource” tag decisions across the peers they choose. We hope this solution helps improve the development of the taxonomy and the quality of XBRL filings.
We encourage you to take the application for a test drive. We welcome your feedback, as we continue to enhance the solution with additional features. Check back here soon where we will be posting a “how to” video and examples of how comparative analysis of XBRL tag choices can help inform XBRL tagging decisions.
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