Washington, DCCompSci Resources, LLC (CompSci), a leading provider of eXtensible Business Reporting Langauge (XBRL) software and related services, announced today that it has been granted a patent by the U.S. Patent and Trademark Office. The patent was granted to CompSci for its technology that automates the review, organization, tagging, and analysis of data for generating XBRL documents.
CompSci’s patented technology automates the XBRL tagging process with features such as automated taxonomy creation and concept selection, automated data parsing and label creation, automated data analysis, as well as other automated functionality. The patented technology automatically reads, interprets, and converts both unstructured documents as well as previously created XBRL files to generate XBRL regulatory filings.
“Our XBRL technology significantly simplifies the XBRL tagging process because it automates so much of what had been a manual, time-intensive, and labor-intensive effort,” said Joe Clem, CompSci’s Chief Technical Officer.
He continued, “What used to take days to accomplish can be completed in a fraction of the time with our XBRL software. The speed and accuracy with which our technology functions is especially important for public companies and mutual funds that are required to submit their financial statements and footnotes in XBRL format to the U.S. Securities and Exchange Commission.”
Clem also noted that the automated features of CompSci’s technology are “a major time saver for public companies performing detailed footnotes tagging.” CompSci’s flagship XBRL tagging software, known as iCTM or the “Interactive Converter,” incorporates the patented technology.
“Our technology assists users to synthesize, organize, and generate data faster, more efficiently, and more accurately whether the data is stored in XBRL or any other XML-based computer language,” said Clem. “One of CompSci’s primary goals is to create software that simplifies complex technologies, and I believe we’ve taken a giant leap forward in the XBRL world to make a complex set of rules simpler and far more user-friendly.”