IFRS Reporter - Audit
With ParsePort IFRS Audit for annual reports, you can make sure that the quality, tagging, markup against the taxonomy and current rules and validations are met in the XBRL files.
ParsePort is cooperation with several different business partners (e.g. Deloitte, BDO, Beierholm etc.) in controlling and ensuring that the XBRL files are correct.
Together with our business partners, we can make auditor statements and technical statements for the XBRL files.
The audit can be dine at three levels, whether it is a validation of the XBRL file, the review report or a detailed walkthrough with an attached auditor statement.
The price varies after the detail level you choose, and which business partner we will have to make the audit together with.
Notice that some XBRL solutions are scanning solutions, meaning that the software scans the documents for words and then uses word recognition, when they create XBRL files. In these cases, we have seen examples of errors.
Some XBRL jurisdictions are recommending not using these type of solutions. Look at the UK jurisdiction, and one of the leading vendors in the UK who writes:
Can tagging be automated?
No. The power of XBRL relies on the fact that the person tagging the facts in the document understands both the underlying accounting concepts in the taxonomy as well as the true nature of the facts in the document.
This view is backed up by the following guidance issued by XBRL UK which states that “Preparers should also look carefully at the intended meaning of line items in accounts, rather than tagging on the basis of superficial similarities in line item descriptions and tag labels.”
Many software products claim to offer automatic tagging functionality. At best this functionality could be viewed as being offered up a list of suggested tags which may or may not contain the most appropriate, but at worst a false and dangerous nudge encouraging the user to select without due care or consideration.
The price structure for our Basis are simple. You pay a fixed annual subscription fee to access to our Basis tool. Please contact us here for more information.