From 1st January 2020 listed companies will need to produce their annual reports in iXBRL format. This will apply to accounts for 2020. The legal document will be the iXBRL document and PDF will be voluntary only.
Onedit facilitates the evolution needed by introducing a pure XHTML workflow that existing annual report preparers can easily migrate to, eventually replacing the need for InDesign altogether.
Until now you have been telling your story with design. From 2020 you will be telling your story with XBRL as well. The effectiveness of your report will be determined by how much you combine these stories together.
This means the way you have been working with your preparers may change. You need to ask your preparers how they are managing to combine design and iXBRL to tell the financial story to your investors and other interested stakeholders.
You will also need to understand the implications this has for your team, your reporting costs and the timeline for delivery. The evolution to xhtml/ixbrl needs to be managed carefully.
Until now the industry has relied on desktop InDesign to produce an annual report. This business model will need to evolve after 2020.
The value of the design offer in corporate reporting will eventually be determined by it's effectiveness in iXBRL and how the industry adapts its workflow to this new communication medium.
The present design industry's level of iXBRL competency will need to be supercharged at every level so that their employees can communicate clearly and be effective during projects and at pitch time.
iXBRL is XHTML with inline XBRL tags. The 'i' stands for inline. The XBRL tags wrap around the relevant information and are machine readable. The XHTML can be designed with the same fidelity as InDesign.
Onedit facilitates the evolution needed by introducing a pure XHTML workflow that existing annual report preparers can easily migrate to, replacing most of the need for InDesign.
InDesign can still be used in early stage visualisation and late stage pre-press preparation and can be imported and exported from Onedit.
Content can be imported via XML feeds from consolidation systems, InDesign, Excel and Word as well as pasted by hand. Onedit contains well developed import algorithms that ensure content is styled and conforms to existing style classes.
Onedit is a complete editing system with many of the features production staff are used to in InDesign making migration easier. For instance our InDesign import algorithm rationalises overides into new style classes giving a very clean XHTML output.
Export is to iXBRL, PDF and Word (for offline editing) and can be made at any time by any user with the right permissions.
The bigger the data source the better the AI. PortAlchemy now has 14,000 main financials from FTSE listed companies from the last 5 years in XHTML format.
We have used this data source to train an AI to place tags automatically with a high degree of precision. Our tagging dictionaries are being constantly updated and refined as we head towards 2020.
The Onedit iXBRL reader is very configurable and can access historical XBRL data at PortAlchemy.
The reader is a single XHTML file that is downloadable from corporate website and will replace PDF as the main legal document. A PDF version can still be associated with the file via http link.
All assets are base64 encoded and there are no external links (except for PDF and Excel downloads). The format is fully functional after downloading.
The reader is very customisable both in terms of design and XBRL functionality. Designed iXBRL offers many exciting communication opportunities that add value to an issuers story. The inventiveness and authority that this is executed with will influence stakeholders starting in 2020.
Content locking
Track changes and restore
Word, Excel and XML import
Image management
Charting API
Client comments facility
Content order setting
Template organisation
PortAlchemy search engine
PortAlchemy analytics
Animation
Configurable interface
InDesign import/export
Content linking (nodal)
Chat facility
Content for web and print
Content syndication
Styles management
Overflow warning
Permission levels
If you would like a demonstration of OneEdit please email us at info@portalchemy.com
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