What is XBRL?
The eXtensible Business Reporting Language (XBRL) is a freely available, global, open standards driven data description language for the electronic communication of business and financial iformation. XBRL is derived from the World Wide Web Consortium’s (W3C) widely utilised eXtensible Markup Language (XML) standard and allows for reliable, automated data exchange and extraction of financial information, irrespective of the underlying software and transmission technologies, including across the Internet. The XBRL standard is overseen by the not-for-profit consortium XBRL International Incorporated and comprises over 400 globally based regulators, government agencies, software vendors and other organisations. The consortium is comprised of independent bodies known as “jurisdictions”. These are usually organised in a country or region specific manner allowing them to focus on localised information exchange requirements. As a joint venture of the Institute of Chartered Accountants in Austr
XBRL is the acronym used for the eXtensible Business Reporting Language. XBRL allows software vendors, programmers and end users who adopt it as a specification to enhance the creation, exchange, and comparison of business reporting information. Business reporting includes, but is not limited to, financial statements, financial information, non-financial information, general ledger transactions, and regulatory filings such as annual and quarterly financial statements. XBRL defines XML elements and attributes that can be used to express information used in the creation, exchange, and comparison tasks of financial reporting. This is of particular value in the context of financial reporting where existing electronic documents reporting financial statements are full of numbers and text and only the creators of those documents are sure of what each number really refers to.
XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is an open standard, free of licence fees, being developed by a non-profit making international consortium. Other pages on this web site provide detailed information on XBRL, its technical features and its business opportunities.
XBRL (Extensible Business Reporting Language), is a freely available XML-based specification that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet. It is an XML-based framework that provides the financial community a standards-based method to prepare, publish in a variety of formats, reliably extract and automatically exchange financial statements of publicly held companies. XBRL is not about establishing new accounting standards but enhancing the usability of the ones that we have through the digital language of business, XML. XBRL could also be described as a computer programming add-on that tags each segment of computerized business information with an identification code or marker. In most cases, accounting software will insert XBRL tags automatically. If an accounting system lacks XBRL, a user can still add XBRL tags to financial information using an add-on program or customized
XBRL (Extensible Business Reporting Language) is a technology standard that can be applied to the creation of financial statement data and other reporting situations. It is used for the reporting of business and financial information and can make the process of creating, distributing, reporting and analyzing information more efficient and effective. XBRL is an application of XML to business information and uses tags or structure to describe the data, making it immediately reusable, interactive and intelligent. It is also “extensible” so it can be customized for unique situations and reporting concepts. XBRL is NOT an accounting standard although it can be used to represent reporting concepts and provide an explicit link from a reported concept to the relevant accounting standard. XBRL is NOT a software program although it can be used to enable the seamless exchange of information between disparate software applications. XBRL data is more robust, accurate, and transparent than data in f
