XBRL Services

Experience Counts When Meeting the Challenge of XBRL

The task of converting traditional financial reports into the XBRL interactive data reporting standard requires not only a high degree of accuracy and precision, but also careful planning, preparation and control. This places an additional regulatory burden on many organizations.

Uniquely positioned to provide a comprehensive and integrated solution to our clients’ XBRL requirements, Innodata is proud to be one of the few service providers recognized by HM Revenue & Customs (HMRC) and Ministry of Company Affairs (MCA).

By outsourcing their XBRL services, clients can increase productivity and reduce operating costs, the while improving cycle times. Our subject matter experts, trained in XBRL tagging, partner with a world-class quality control group and dedicated support team to meet client XBRL filing requirements. We do all the ground work to ensure regulatory compliance, so our clients can focus on their core business.

Recognized as one of the industry’s leading XML systems and services companies, Innodata has executed some of the world’s largest and most complex XML data-conversion engagements to date and have converted more than one billion documents into XML and other structured formats. For close to 20 years, Innodata has provided a full spectrum of deployment, consulting and training services for nearly all facets of XML and standards-based information management — for a wide range of businesses, from telecom manufacturers to leading publishers. Given this extensive experience in the use of XML-based technology, Innodata is in the best position to offer solutions which are compatible with the XBRL data format.

The transition to XBRL-based financial reporting involves a three-stage process: mapping activity, process deployment and execution

The first stage covers XBRL and standard taxonomy (e.g., HMRC, IFRS, MCA, iGAAP) training and the mapping of financial information to standard taxonomy elements and extensions. The learning curve for XBRL is steep and requires a mix of accounting and technical skills to fully understand how best to create a high-quality XBRL financial report.

The second stage involves the design, development and deployment of the XBRL-based financial report creation process. This includes end-user training, testing and validation. Companies may opt to develop and deploy the XBRL process internally or through outsourced services.

The third stage is process execution: the creation, review, release and online publication of the XBRL financial reports. This is an ongoing process, since, as a reporting cycle is completed, the results are evaluated and areas for improvement are identified for implementation in the next cycle.

XBRL Services Portfolio

Innodata provides a complete portfolio of XBRL services to cater to various customer requirements and scenarios — from development of internal capabilities for self-sufficient XBRL implementation to fast-track outsourced conversion services.

These services handle the entire XBRL migration process from taxonomy mapping, process development and deployment, to process execution and generation of XBRL instance documents, including the provisioning of XBRL application software tools.

Companies can jump-start the XBRL migration process using Innodata’s XBRL conversion services. Preparers simply send the raw source files (e.g., MS Word, MS Excel) to Innodata for tagging and generation of XBRL instance documents, and Innodata does the rest. If the goal is self-sufficiency, Innodata can help build internal capabilities through its consultancy, training, and process development services.

iXTAG Software Application

The Innodata iXTAG software is an HMRC-recognized iXBRL and MCA conversion software application—a plugin to MS Word and MS Excel applications (versions 2007 and 2010). The vast majority of all financial statements created in the world today originate in MS Word, although they may end up in many other formats.

iXBRL is the XBRL format used in the UK for company reporting. iXBRL is an extension of XBRL in which the XBRL tags are embedded in the formal document. The file format of the document is XHTML or HTML, which allows XBRL tags to be invisible when the document is viewed in a web browser or printed, yet allows these same tags to be visible when the electronic file is viewed or processed using an XML editor or viewer. iXTAG enables preparers of financial reports to apply XBRL tags directly to the document using the MS Word and MS Excel applications.

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iXTAG Key Features and Capabilities

1. iXTAG allows for automated XBRL tagging through the use of templates which can be generated using similar, or previously tagged, financial reports in MS Word or MS Excel formats

2. XBRL tag information group update

3. iXBRL tag information group update

4. iXBRL instance document compliance validation against iXBRL and XBRL specifications

5. iXTAG can generate output files adhering to iXBRL, XBRL, IFRS and iGAAP formats

CASE STUDY

Innodata provides XBRL services for clients of one of the Big 4 accounting firms

The end-to-end services are provided through a managed and hosted solution that includes data analytics and compliance with the local laws and regulations for e-filing

Innodata has a dedicated team of 250+ financial experts

About Innodata

Innodata (NASDAQ: INOD) provides services, products and solutions that our clients use to create, manage and distribute digital information.

In response to market demand for transformation from print publishing to online publishing, from search-based information products to workflow-based information products, and from web-based distribution to multiple-channel distribution — including mobile, tablet and eReading devices — we are continuously adopting new strategies, technologies and processes.

We operate in two separate reporting segments. Our Content Services segment provides business process, technology and consulting services to assist clients in setting digital content production and product strategies, integrating new technologies and processes, and improving the quality and efficiency of content creation, enrichment and transformation. We launched our other segment, Innodata Advanced Data Solutions, during the second quarter of 2011, to perform advanced data analysis services in the financial, healthcare, medical and insurance industries.

Our clients include leading media, publishing and information services companies, as well as enterprises that are prominent in information technology, manufacturing, aerospace, defense, financial services, government, healthcare and law.

More Information

To learn more about Innodata XBRL services, visit www.innodata.com, email us at solutions@innodata.com, or call us at 201-371-8000.