When we map your annual financial report we use a system we've created called simplified tagging, which is a way to automate a large part of the mapping process without the need to rely on AI or machine learning.
How does simplified tagging work?
The process of simplified tags is reliant on what can best be described as three different dictionaries. Each dictionary contains a vast number of words and phrases which are automatically recognized by the ParsePort XBRL Converter. This means that if you use a word or phrase in a post which is already found in one of the dictionaries, the converter will automatically apply a tag to that post.
What are the three dictionaries?
We often mention the three different dictionaries used in the process of simplified tagging. The three different dictionaries are called “Customer Specific Labels”, “ParsePort Global Labels” and Taxonomy Labels”.
The Taxonomy Labels are simply any tag as it is presented within the given taxonomy. We update this taxonomy, so it fits with the current taxonomy needed such as the “2020 ESEF Taxonomy”, but we also store older taxonomies in case you need an older taxonomy to create a revised annual financial report. Any word or phrase listed in the chosen taxonomy will be automatically recognized by the converter.
The ParsePort Global Labels contain words and phrases which aren’t included in the taxonomy, but which are commonly used by many of our customers. This means that most common abbreviations and ways to phrase posts in annual reports is also automatically recognized by our converter.
The Customer Specific Labels is your own personal dictionary. If you have a certain way of phrasing posts or if you have posts in your financial statements which are unique to your financial reporting, we include them in the Customer Specific Labels, so after they have been mapped the first year, they will be recognized and automatically mapped the following years.