Cloud-based rporate performance management service provider Host Analytics and Extensible Business Reporting Language software developer NeoClarus have released a free product to help first-time rporate XBRL filers mply with Securities and Exchange mission regulations.

The new product works by identifying and remmending the tags for mapping a mpany’s financial statements. From there, mpanies can review their statements in the ntext of the current XBRL taxonomy to understand the statements that need tagging and map them acrdingly. The product ultimately allows users to identify items in their financial statements that they want to represent differently to better nform to the XBRL tags, rather than filing extensions.

XBRL is designed as a ded language for financial reporting, which allows users to create custom tags to identify different types of data. In 2009, the SEC issued a mandate requiring that public mpanies provide XBRL-formatted financial statements over a three-year phase-in schle. This year, approximately 8,000 mpanies, many of them small businesses with few resources, are required by law to file XBRL formatted financials for the first time.