XBRL is the data format in which Regulators increasingly require companies to submit their financial information.
RECEX is the simplest solution to create XBRL reports, both from an Excel spreadsheet, or from a traditional “flat” file code-value. Conversely, you can take a XBRL report (regardless of which program originally generated) and present it in an Excel spreadsheet.
RECEX is based on an Excel spreadsheet, adapted to each particular accounting regulations. Enter the data, click on “generate XBRL” button and that’s all. The XBRL instance document hence generated is ready for filing.
An additional button would optionally be used to validate the XBRL instance document with the Open Source Arelle tool before the final filing. If required, the data can be imported into RECEX from a traditional code-value flat file (CSV), which saves time and re-typing errors.
By origin, RECEX is an open source tool for training in XBRL, a tool that can be used by anyone, and adapt it to their specific needs code. Hence its name Really Easy Converter Excel to XBRL. See details at www.openfiling.info/recex
The Excel is used as a user interface tool, because Excel is very powerful viewing and typing data, and it is running in almost all personal computers. Each Regulator, when publishing the Regulations, may also publish the corresponding XBRL Taxonomy (computer data dictionary and applicable regulatory rules) applicable to the regulations, hence the XBRL instance document is generated according to such taxonomy.
What we do is developing a specific customization of RECEX for each specific regulation, creating documentation, and offering support on incidents or questions. The customization starts with the creation (or edition) of Excel spreadsheets templates for data display, including protection to avoid errors. The XBRL generator is parameterized according to the XBRL Taxonomy. Test cases are created, and results are validated with start-of-the-art XBRL tools. The resulting package is optimized and everything is tested (especially that all errors are detected). Installation handbook and user guide are edited and the list of frequently asked questions is compiled. The support structure is built to answer quickly on any issues or concerns. After that, it is the stage of distribution and marketing. The result of all this effort is a fully operational commercial solution, protected as intellectual property.
RECEX is particularly suitable as input solution (entry level) for companies with limited needs, which require a simple, easy to install and use, safe, and economical. RECEX helps to minimize the regulatory burden, saving time and money. As each RECEX model is customized specifically for each specific regulatory form, it is very easy to use, without room for doubts. All that is required is a personal computer with Excel: that’s all. Any Internet service or connection to the outside is not used, so the information security is total. As RECEX only does one thing, which is to convert the regulatory model from Excel to XBRL, the cost is limited to what actually offers.
Each RECEX customization may also develops its inverse function, called REVEX, Really Easy Viewer into Excel from XBRL. The goal is display in Excel an XBRL instance document, for example to check if the report to be filed, regardless of which program generated it, contains the data that really should contain (four eyes principle). Or just to display in Excel an XBRL report received from a third party, or downloaded from the Internet or obtained otherwise. As in the case of RECEX, it is necessary to develop a customized REVEX adapted to each XBRL taxonomy, thus creating a couple RECEX-REVEX for each particular regulatory form .