How you guys think about XBRL tools in the future business world?

[sanki]

I guess XBRL is a strange term for US actuaries

because NAIC uses XML as their regulatory reporting basics
https://www.naic.org/documents/commi...nal_report.pdf

but XBRL seems a new new field in Europe
https://assets.kpmg.com/content/dam/...ng-systems.pdf

Look back to US, US SEC votes to mandate XBRL in 2018 June
https://www.xbrl.org/news/us-sec-vot...e-inline-xbrl/

How's your comments on XBRL?

[sanki]

According to:
https://www.monitordaily.com/news-po...omy-available/

The Taxonomies are available on the FASB’s XBRL pages and through the following links:

1. 2019 GAAP Financial Reporting Taxonomy:
https://www.fasb.org/cs/ContentServe...%2FSectionPage

2. 2019 SRT:
https://www.fasb.org/cs/ContentServe...%2FSectionPage

[sanki]

Insurance and Banking Consultancies Find Significant Benefits When Switching to a Cloud Based XBRL Reporting Platform

https://www.prnewswire.com/news-rele...300774016.html

Actuelia is a perfect example of this trend. Providing a full range of actuarial and consulting services, Actuelia offers its insurance clients access to a broad range of experts, thereby guaranteeing the best level of advice in risk analysis and helping insurance firms respond quickly to rapidly evolving competition, product complexity, and regulatory reporting requirements. It was already using UBPartner's flexible XBRL Toolkit (XT) installing it on their clients' local desktops. However, to manage the resourcing demands needed to expand its Solvency 2 reporting services, it decided to move its XBRL conversion and validation activities onto the UBPartner XT Cloud Service. This solution provides the same easy-to-use tools and fully mapped Solvency II templates on a 'Software as a Service (SAAS)' basis, devolving responsibility for IT support to UBPartner.

Ease of implementation and scalability

Frank Boukobza of Actuelia stated: "We are a growing actuarial service company seeking to provide additional value to our customers where we can. UBPartner's XBRL tools are simple to use and allowed us to better help our customers to generate reports for Solvency 2. When UBPartner told us that we could use the same tools over the web, providing more collaboration and removing the hassle of maintaining and updating the software, we were very keen to try it."

[sanki]

1. Getting Started for XBRL Developers
https://www.xbrl.org/the-standard/ho...or-developers/

2. XBRL Generation, as easy as a database (from addactis® Actuarial & Software solutions)
http://www.addactis.com/wp-content/u...neration_C.pdf

[sanki]

US energy regulator proposes XBRL based reporting
https://www.xbrl.org/news/us-energy-...sed-reporting/

Late yesterday the US Federal Energy Regulatory Commission, the FERC, published a proposal to switch up from its aged Visual FoxPro based e-forms to an XBRL-based data collection system. The FERC was originally going to use custom XML, but after experimentation now proposes XBRL.

The proposals point out that XBRL is purpose built for reporting, “by structuring the data with tags that utilize standard taxonomies in order to capture not only the value of the data, but also the inherent characteristics of the information.” (p6)

In fact, readers wanting a good description of the reasons to use XBRL in place of XML should start with the discussion in the FERC’s proposal, from page 6 onwards.

Is this the start of a wider expansion for the standard into other types of regulatory reporting right around the world? It would make sense! Thanks to Campbell Pryde and the team at XBRL US for patiently working with the FERC and a range of other stakeholders to explain how the standard can be exploited in this field.

Read the full proposals here:
https://www.ferc.gov/whats-new/comm-...011719/M-1.pdf

[sanki]

Aussie's Plain English Taxonomy:
https://sbr-pet.apra.gov.au/

Take a look, they use the internet hyperlink to define their risk data strucutre clearly.

[sanki]

SOA seems discussed XBRL and XML in 2000, 2005 and 2013(just for memo)

1. 2000, XML for Actuaries: A Web of Data and Metadata

https://www.soa.org/library/proceedi...0v26n390pd.pdf

2. 2005, Data Battles—Report from the Front Lines

https://www.soa.org/Library/proceedi...5v31n149pd.pdf

3. 2013, XBRL – LET’S GET IT STARTED!

https://www.soa.org/library/newslett...3-agarwal.aspx