What is XBRL and how can it help your organization? Members of the Maryland Association of CPAs (MACPA) found out how using the interactive XBRL (Extensible Business Reporting Language) format can help not only larger, public companies, but also smaller, non-profit organizations like themselves.
MACPA invested in the Altova MissionKit tool suite to support their XBRL project. Using our XMLSpy XML editor; MapForce, our graphical data mapping, conversion, and integration tool; and the StyleVision visual stylesheet and report design tool, MACPA was able develop a comprehensive system that employs XBRL data for a variety of reporting functions, both internal and external.
For example, MACPA used the generated instance document from MapForce to populate their financial Key Performance Indicator (KPI) system, significantly reducing the amount of time and effort required to prepare the KPI documentation. XMLSpy was used to extend the US-GAAP taxonomy to accommodate entries specific to MACPA.
MapForce also came in handy for mapping the Global Ledger (GL) Taxonomy to the extended GAAP taxonomy.
As a result, MACPA has increased its working knowledge of XBRL, automated previously burdensome data collection and transformation tasks, and have gained more insight into their financial data. To read more about how MACPA utilized the Altova MissionKit to convert all their financial data to XBRL and create a model for public and private business of any size to leverage the powers of XBRL, the latest case study from Altova is a must read!
Do you have a story to tell about your use of Altova tools? If so, we want to hear from you. Case studies generate great publicity. Check out recent press coverage from the MACPA case study. Plus, if we choose to use your story you will receive a $200 Amazon gift card!
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