XBRL Data Analytics and Insights
What is XBRL?
XBRL is a universal standard for transferring corporate information. It is made to simplify the electronic transmission of financial and commercial data. Data that has been identified with XBRL is machine-readable, as opposed to traditional paper-based financial reports. The purpose of XBRL is to simplify analysing and comparing financial data across businesses and industries.
After Singapore adopted XBRL for financial reporting in 2007, all publicly traded and privately held businesses have been compelled to submit their financial statements to the Accounting and Corporate Regulatory Authority (ACRA) in XBRL format. In addition to expediting the reporting process, this modification also opened the door for cutting-edge data analytics.
The Role of XBRL in Adding Value to Singaporean Companies
XBRL data analytics uses specialised software and algorithms to glean insightful information from financial data tagged with XBRL. For Singaporean businesses, it can do the following to uncover hidden value:
- Data Accuracy: Financial data is more accurate when it is formatted in XBRL. Because XBRL-tagged data is machine-readable and follows a standardised taxonomy, human transcription errors are minimal. This accuracy is essential for making wise company decisions and ensuring compliance with financial regulations.
- Comparative Analysis: Comparative analysis is made simple and accurate using XBRL. Companies can compare their financial performance to peers in the same industry and rivals. Organisations can strengthen their financial stability and competitiveness by identifying their strengths, weaknesses, trends, and data-driven decisions.
- Data Processing: Tools for XBRL data analytics are made for processing vast amounts of data rapidly and effectively. This speed is extremely advantageous for businesses like financial institutions and investment organisations that frequently need to analyse huge amounts of financial data.
- Financial Reporting: For businesses, XBRL makes financial reporting simpler. It lessens the manual work necessary to produce and submit financial statements to regulatory agencies like the Accounting and Corporate Regulatory Authority (ACRA) by labelling financial data in a standardised format. The reporting process has been streamlined to save time and money.
Sectors Benefiting from the Use of XBRL in Singapore
Several Singaporean companies have already recognised the value of XBRL data analytics and successfully implemented it in their operations. Some practical applications include:
- Investment firms
- Financial organisations
- Supply chain management companies and more
Why Choose DataTracks for Your XBRL Reports?
At DataTracks, we firmly believe that XBRL data analytics is a powerful tool for unlocking hidden value within financial data for Singaporean companies. Our team believes in leveraging the benefits of comparative analysis, trend identification, risk assessment, and regulatory compliance.
As a company, our objective is to help you and your businesses make informed decisions in today’s ever-evolving business landscape. As the use of XBRL data analytics continues to grow, Singaporean companies should consider embracing this technology to stay ahead in the data-driven world. To learn more about how we can help you, contact us at +65 31582850 or email at enquiry@datatracks.com.sg.