Bridging the gaps between accounting standards, financial statements and internal systems
PricewaterhouseCoopers' IFRS conversion solution is enriched with XBRL (eXtensible Business Reporting Language) to address the specific challenge of adapting current reporting systems and processes to IFRS more easily and efficiently, from transaction level through higher consolidation levels.
What are the added benefits of an XBRL-enabled IFRS conversion?
- A faster, more efficient and better-controlled mapping process
- Compatibility with an increasing number of accounting systems
- Streamlined data capture
- Sustainable benefits in the entire corporate reporting process
- Improved financial communication and increased transparency of reported information
- Improved risk management and control
- Easier maintenance after the conversion project is finalised
What is XBRL?
- An information standard specifically designed for the electronic exchange of business reporting data
- A combination of technology and reporting terms that works by tagging information so that it has context from the beginning
- Developed by XBRL International, an independent consortium of more than 200 organisations, including PwC and the International Accounting Standards Committee Foundation (IASCF)
Why is XBRL relevant to your IFRS conversion?
- XBRL will become an essential part of the mechanics in making IFRS information highly accessible, comparable and globally consistent
- XBRL International and IASCF, including experts from PwC, have co-developed the XBRL IAS/IFRS taxonomy (dictionary of accounting terms) specifically to translate existing IFRS standards into this non-proprietary computer language
Should you be interested in XBRL?
If you recognise these reporting challenges...
- Transitioning to IFRS without significant investment in new information systems
- Reducing the cost of converting to IFRS, and ensuring easier maintenance post-conversion
- Leveraging the investment to bring wider and enduring benefits throughout the entire corporate reporting process
- Translating IFRS standards into accounting facts
- Using new technology to improve investor communications
- Gathering data from around the organisation for management reporting, analysis and benchmarking
- Making disparate systems, such as ERP, treasury management, production, consolidation tools and transactions systems, "talk" to each other
... XBRL could be for you!
How PwC can help you?
PwC has been actively involved in designing the XBRL IAS taxonomy and XBRL developments as a whole. Our experienced IFRS conversion practitioners, and our in-depth knowledge of XBRL place PwC in a unique position to assess where XBRL can add the greatest value to your IFRS conversion process.
