To facilitate a standards-based compliance methodology, XDEX uses an XML-based data set for all distributed ledger financial information and reporting. This provides a clear, easy-to-manage path to reporting compliance data that fits seamlessly with any standards-based, regulatory framework.
The XDEX compliance system is based upon open international standards for digital business reporting. We use a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XDEX allows information move between organizations rapidly, accurately and digitally.
How Does XDEX Help Compliance?
XDEX makes reporting more accurate and more efficient. It allows unique tags to be associated with reported facts, allowing:
- people publishing reports to do so with confidence that the information contained in them can be consumed and analyzed accurately
- people consuming data to test it against a set of business and logical rules, in order to capture and avoid mistakes at their source
- people using the information to do so in the way that best suits their needs, including by using different languages, alternative currencies and in their preferred style
- people consuming the information to do so confident that the data provided to them conforms to a set of sophisticated pre-defined definitions
Comprehensive definitions and accurate data tags allow the: preparation, validation, publication, exchange, consumption; and analysis of business information of all kinds. Information in reports prepared using XDEX is interchangeable between different information systems in entirely different organizations. This allows for the exchange of business information across a reporting chain. People that want to report information, share information, publish performance information and allow straight through information processing are empowered by the XDEX Compliance Framework.
In addition to allowing the exchange of summary business reports, like financial statements, and risk and performance reports, XDEX information model has the capability to allow the tagging of transactions across the blockchain ledger, which can also be aggregated into standardized reports. These transactional capabilities allow system-independent exchange and analysis of significant quantities of supporting data and can be the key to transforming business processes, workflows, and reporting.
Based on international reporting standards, XDEX supports almost every kind of conceivable reporting – while providing a wide range of features that enhance the quality and consistency of reports, as well as their usability. The XDEX Compliance Framework can be used in many different ways, for many different purposes, including by:
- Companies that need to provide information to auditors and regulators.
- Enterprises that need to accurately move information around within a complex group.
- Supply chains that need to exchange information to help manage risk and measure activity.
- Government agencies that are simplifying the process of businesses reporting to government and reducing red tape, by either harmonizing data definitions or consolidating reporting obligations (or both).
- Government agencies that are improving government reporting by standardizing the way that consolidated or transactional reports are prepared and used within the agency and/or published into the public domain.
- Financial regulators that need significant amounts of complex performance and risk information about the institutions that they regulate.
- Securities regulators and stock exchanges that need to analyze the performance and compliance of listed companies and securities, and need to ensure that this information is available to markets to consume and analyze.
- Business registrars that need to receive and make publicly available a range of corporate data about private and public companies, including annual financial statements.
- Tax authorities that need financial statements and other compliance information from companies to process and review their corporate tax affairs.
- Statistical and monetary policy authorities that need financial performance information from many different organizations.
- Specialist data providers that use performance and risk information published into the market place and create comparisons, ratings and other value-added information products for other market participants.
Analysts and Investors
- Analysts that need to understand relative risk and performance.
- Investors that need to compare potential investments and understand the underlying performance of existing investments.
Accountants & Auditors
- Accountants can use XDEX in support of clients reporting requirements and are often involved in the preparation of reports & filings.