XBRL SYSTEMS SOLUTIONS comprises two elements: XBRL Convergence and XBRL Gears.
The prototype of XBRL Convergence (XC) is the Convergence Assistant (CA), conceived in 2007 as a tool to help Canadian businesses understand the implications of the transition from local GAAP to IFRS.
The CA soon became one of the first publicly available applications that leveraged the power of XBRL Global Ledger to allow a business to map its own chart of accounts to the GIFI, a standard chart of accounts used in Canada. It also leveraged the pre-defined mappings (expressed as XBRL GL instances) between the GIFI itself and both the Canadian GAAP Taxonomy and the IFRS Taxonomy to generate the two sets of XBRL instance documents and automatically reconcile them.
XC applies the same principles to any standard chart of accounts, and to any taxonomy. Underpinning the robust utility of the XC is WikiAccounts, a freely available, global knowledge base that includes sets of standard accounts and their mappings to multiple XBRL taxonomies.
XC will deploy the content libraries created in WikiAccounts by:
- Mapping a business COA to one of the standardized COAs downloaded from WikiAccounts;
- Leveraging the standardized mappings to end reporting XBRL taxonomies — also downloaded from WikiAccounts — to create and reconcile XBRL reports for corporate internal and external reporting purposes.
XBRL Gears is an application designed to deploy the content libraries created in WikiLogics by:
- Converting the business corporate data to the standardized XBRL GL format;
- Execute the standardized controls and business rules downloaded from WikiLogics on the corporate data standardized with XBRL GL, and support common data monitoring, auditing and business intelligence processes.
XBRL Gears is currently in private beta release. If you would like to participate please contact us.