XBRL was created as from the proposal launched in 1998 by Charles Hoffman, an auditor accountant expert, to simplify the automation of the financial information exchange by the use of the XML language. Hoffman was very aware of the need to systematize this exchange as consequence of his many years of experience with automated accounting systems.
Nowadays, the financial community exchanges information through formats as Excel, PDF, HTML, texts, etc., which make the data distribution easier but not their transmission or automatic integration to other systems.
The proposed solution by means of XBRL proposes LABELING the financial and business information, so the rest of the applications are able to receive it and interpret it easily and automatically, without the need of introducing, adapting or manually updating the data in each one of them. Therefore, the net benefit of a company, for example, has a common label in all the applications and then, each one of them identifies it and automatically records every change to be made caused.
More information at http://www.xbrl.org/Home/
• XBRL makes the information-making companies to obtain further efficiency, since the automation of the collection and transmission of data improve the speed and reliability (error absence) of the process.
• XBRL enables to REDUCE COSTS since it does not need human intervention and does not affect the existing applications in a company.
• The company directors and managers can obtain financial information quickly and efficiently, to communicate immediately the results to the tributary agencies and improve the relationships with analysts and investors.
• It tends to the elaboration of financial and business reports of fast understanding by other systems.
• It enables to elaborate reports on an automatic basis in different formats. .
• The recipient or collecting entities for information, such as the regulating organisms, improve the speed of the reading and the storage of information, they are able to understand in an easier way the data and to compare or make internal reports quickly.
• XBRL enables the business and financial analysis software to operate in the most optimum way, since the data are understood and comparable.
• Low impact before normative changes.
• Saving in stationary costs.
During December, SVS published the initial draft of the taxonomy to be applied during 2010 exercise for all the public limited companies that must inform their financial statements in XBRL format.
In turn, IASB is also working in the taxonomy if 2010, so the SVS decided to modify its calendar and adapt itself to the new taxonomy 2010, with the only goal to have a more robust and updated taxonomy further information...
On the other hand, DBNeT will adapt itself to this calendar to release a version which will contain this taxonomy at the end February 2010.
CIA INDUSTRIAL EL VOLCAN S.A
EMPRESA EL PEÑON S.A.
LQ INVERSIONES FINANCIERAS S.A.
ENTEL TELEFONIA MOVIL S.A.
ENTEL PCS TELECOMUNICACIONES S.A.
ENTEL TELEFONIA PERSONAL S.A.
ALMENDRAL TELECOMUNICACIONES S.A.
MICARRIER TELECOMUNICACIONES S.A.
AGUAS CORDILLERA S.A.
EMPRESA NACIONAL DE TELECOMUNICACIONES S.A.
INVERSIONES AGUAS METROPOLITANAS S.A.
AGUAS ANDINAS S.A.
AGUAS MANQUEHUE S.A.
Molibdenos y Metales S.A.
Empresa Pesquera Eperva S.A.
Inversiones Siemel S.A.
ENAP Refinerias S.A.
ENAP SIPETROL S.A.
EMPRESA NACIONAL DEL PETROLEO
COMPAÑIA NACIONAL DE TELEFONOS, TELEFONICA DEL SUR S.A.
TELEFONICA DEL SUR SEGURIDAD S.A
TELEFONICA DEL SUR SERVICIOS INTERMEDIOS S.A.
CIA DE TELEFONOS DE COYHAIQUE S.A
The IFRS - International Financial Reporting Standards o IAS - corresponds to the International Accounting Standards, called IFRSs all together, which homogenize the criteria for the administration of accounting and financial information of the organizations so this can be compared and evaluated on the same basis. The IFRS sets the requirements of recognition, measurement, presentation and information to be disclosed concerning the transactions and economical events which are important in the financial statements. The norms are designed to be applied in the financial statements with a general purpose, as well as in other financial information, of all the profit-making entities.
The goal of the Financial Statements is to provide some Information:
• About the financial situation, mainly because of the Balance that changed its name by the Change Status in the Financial Situation.
• About the activity or performance, mainly because of the Results’ Status.
• About the funds flow, mainly because of the Cash Flow Status.
The Extensive Language for Business Reports (XBRL) is a standard based on the XML (eXtensible Markup Language), specifically created to analyze, exchange and report financial information in multiple formats and languages in an automatic and standard way. XBRL is a technical format that, among other features, causes the documents to be systematically processed on a computing basis.
XBRL defines concept standards for the information exchange that becomes a Taxonomy that rules the use of such concepts.
Some Companies users