XBRL Solutions

Millennium realizes that enterprises encounter various challenges while reporting information. These include:

• Comparing collated data quickly and efficiently,
• Analyzing data from varying formats and granularity, even when the same software product is used,
• Identifying errors and issues,
• Promoting efficiencies and cost savings throughout the regulatory filing process,
• Integrating automated data securely,
• Variation in regulatory jurisdictions while operating in large geographical areas, and
• Collating data from different languages and accounting standards.

To overcome the above challenges and improve business processes, Millennium implemented eXtensible Business Reporting Language (XBRL). XBRL is an open standard language for communicating information between businesses on the Internet. It is an automated application that integrates data into documents and spreadsheets, making it easier to prepare and publish documents pertaining to the exchange, and analysis, of financial reports and data.

Millennium’s method of using XBRL as the reporting standard has resulted in increased productivity, efficiency, accuracy, and quality. XBRL could also be adapted to meet requirements of different languages, formats, accounting standards, and variations in regulatory jurisdictions. Our understanding of XBRL’s specific uses enables our customer to optimize their resources and benefit in terms of cost, time, money, and manpower.

With Millennium implementing XBRL standards, professionals who collect business data, including governments, regulators, economic agencies, stock exchanges, and other companies dealing with financial information, could reap its benefits. The effective automation, cost saving, faster, reliable and accurate handling of data has aided our clients in better decision-making.

XBRL and the Millennium advantage

Millennium delivers the following advantages of XBRL to client's:

• Streamline the process of collecting and reporting financial information
• Automate the process of data collection
• Generate error free management reports, financial statements for publication, tax and other regulatory filings
• Increase in efficiency, resulting in monetary benefits