{"product_id":"2940012840301","title":"Solvency II News, June 2011","description":"The European Insurance and Occupational Pensions Authority (EIOPA) has chosen XBRL International as the uniform format for Solvency II insurance reporting across Europe.\u003cbr\u003e\u003cbr\u003eXBRL stands for eXtensible Business Reporting Language.  It is one of a family of \"XML\" languages which is becoming a standard means of communicating information between businesses and on the internet. \u003cbr\u003e\u003cbr\u003eXBRL is quickly becoming the “de facto” reporting data format for insurance regulation around the world.\u003cbr\u003e\u003cbr\u003eXBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world.  \u003cbr\u003e\u003cbr\u003eIt provides major benefits in the preparation, analysis and communication of business information.  \u003cbr\u003e\u003cbr\u003eIt offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.\u003cbr\u003e\u003cbr\u003eXBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies.  \u003cbr\u003e\u003cbr\u003eIt is an open standard, free of license fees.  \u003cbr\u003e\u003cbr\u003eIt is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.\u003cbr\u003e\u003cbr\u003eThe idea behind XBRL, eXtensible Business Reporting Language, is simple.  Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data.  This is computer readable. For example, company net profit has its own unique tag. \u003cbr\u003e\u003cbr\u003eThe introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison.  \u003cbr\u003eComputers can treat XBRL data \"intelligently\": they can recognise the information in a XBRL document, select it, analyse it, store it, exchange it with other computers and present it automatically in a variety of ways for users.  \u003cbr\u003e\u003cbr\u003eXBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information. \u003cbr\u003e\u003cbr\u003eCompanies can use XBRL to save costs and streamline their processes for collecting and reporting financial information.  \u003cbr\u003e\u003cbr\u003eConsumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyse data much more rapidly and efficiently if it is in XBRL format. \u003cbr\u003e\u003cbr\u003eXBRL can handle data in different languages and accounting standards.  \u003cbr\u003e\u003cbr\u003eIt can flexibly be adapted to meet different requirements and uses.  \u003cbr\u003e\u003cbr\u003eData can be transformed into XBRL by suitable mapping tools or it can be generated in XBRL by appropriate software. \u003cbr\u003eData Collection and Reporting\u003cbr\u003eBy using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. \u003cbr\u003eFor example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently if the sources of information have been upgraded to using XBRL. \u003cbr\u003eOnce data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort. \u003cbr\u003eA company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders. \u003cbr\u003eNot only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy. \u003cbr\u003eSmall businesses can benefit alongside large ones by standardising and simplifying their assembly and filing of information to the authorities.\u003cbr\u003eData Consumption and Analysis\u003cbr\u003eUsers of data which is received electronically in XBRL can automate its handling, cutting out time-consuming and costly collation and re-entry of information. \u003cbr\u003eSoftware can also immediately validate the data, highlighting errors and gaps which can immediately be addressed. \u003cbr\u003eIt can also help in analysing, selecting, and processing the data for re-use. \u003cbr\u003eHuman effort can switch to higher, more value-added aspects of analysis, review, reporting and decision-making. \u003cbr\u003eIn this way, investment analysts can save effort, greatly simplify the selection and comparison of data, and deepen their company analysis. \u003cbr\u003eLenders can save costs and speed up their dealings with borrowers. \u003cbr\u003eRegulators and government departments can assemble, validate and review data much more efficiently and usefully than they have hitherto been able to do.","brand":"Solvency ii Association","offers":[{"title":"Default Title","offer_id":47171834478832,"sku":"2940012840301","price":0.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940012840301_p0.jpg?v=1763584497","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940012840301","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}