The revolution in financial reporting.
In order to support the various interests in the financial sector, the availability of the relevant financial data must be maximised. With this digital transformation comes changes to demands, reading habits and requirements when it comes to the depth of information in the various publication formats. Whether taxonomy, management or referencing figures – the digital reporting process offers maximum consistency, flexibility and speed.
The fact that there is increasing demand for XBRL-based reports is just one example of many. An optimised digital creation process is required for reporting. The MDD Platform and MDD Service help you to respond to these challenges.
Automating repetitive work.
Previously, creating reports also involved boring, repetitive manual hard work that took up a lot of time – time that would have been better invested in contents elsewhere. One clear example of this repetitive hard work can be seen in the roll-forward of reports. Every quarter, figures have to be entered again – manually. Until now, that is. Thanks to digitalisation, the processing of financial data is now automated and operates independently from the design or publication formats. How does this work?
How does the digitalisation of reporting work?
- ImportFirst, the financial data is imported; for example via an Excel file or via a direct interface from a third-party system.
- PreparationThe transparent preparation of the data takes place directly in the system where the data is stored for publication.
- Configuring tablesTables are configured independently from the data. (Comparative periods, layout, table geometry).
- ReferencingSimple referencing of individual figures in the flowing text.
- ImportingThe prepared financial data is automatically incorporated into the reports. (Text, tables, graphics).
- UpdatingIf individual figures change over the course of the creation process, these are updated throughout the entire report.
- Can be used repeatedlyYou can use financial data across multiple publications.
- ComparabilityThe central MDD Platform allows multiple time periods to be easily compared with each other.
- XBRLDoes your regulator demand that you use XBRL? With support from the MDD Service and in collaboration with a financial consultant, MDD takes on the task of technically implementing the taxonomy. We work with you to prepare the XBRL filing for the regulator. Using the central database on the MDD Platform, we guarantee that the financial data in the XBRL filing is correct and consistent. Thanks to a parallel process, the MDD Platform allows for parallel publication together with the PDF.