Power Forms: Regulatory Data Collection System
The number one roadblock to successful XBRL adoption is the need for filers to retool their back-end systems to generate XBRL filings that are compatible with their regulators' evolving taxonomy or taxonomies. Regulatory organizations that have mandated XBRL in their jurisdiction without providing an XBRL data collection or conversion facility have significantly burdened their filers, resulting in lower compliance and resistance to the XBRL mandate.
Power Forms removes the financial and technological burden from the filers and provides them with an easy-to-use, web-based front end for users to verify financial information prior to submission. With the taxonomy identified, the Power Forms application dynamically renders a set of taxonomy-driven returns and schedules to facilitate the data collection of high-quality financial information. Power Forms validates each filing in real-time against the taxonomy and certifies the return, generating the required XBRL instance document.
Power Forms also allows regulatory organizations the flexibility to change their Data collection requirements, validation rules, and reporting frequency, in very short order - without the need to provide filers with a significant lead time for retooling.
With Power Forms, Regulators move beyond compliance by effectively removing the burden and complexity of generating XBRL filings from the filing organization, thus enabling immediate adoption of the new filing standard.
