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XBRL

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XBRL

What is XBRL?

XBRL stands for eXtensible Business Reporting Language. XBRL has emerged as the most widely accepted form of disseminating financial information thanks to sponsorship by a consortium of security regulators, stock exchanges, financial publishing houses, accounting organizations and corporations.


XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc. (XII). XII is made up of many hundred members, including government agencies, accounting firms, software companies, large and small corporations, academics and business reporting experts. XII has agreed the basic specifications which define how XBRL works.

XBRL (eXtensible Business Reporting Language) is a form of XML designed specifically for the financial industry to increase efficiency, productivity and transparency in financial reporting.

Tags (markup language) are like bar codes used to markup and define data. In XBRL these tags can identify, describe and provide contextual information for each piece of information. These tags can be understood by a range of software applications allowing data to interface with databases, financial reporting systems and spreadsheets.

Taxonomy is a system or dictionary which contains and organizes all of the tags used to markup a document. Currently XBRL International, the SEC and other organizations are funding the building of standardized taxonomies for the different financial industries in the United States. They are organized under the broad title of U.S.-GAAP/FRIS (U.S. Generally Accepted Accounting Principles/Financial Reporting Instance Standards).

Instance document is a document where financial data has been tagged using XBRL taxonomies.


Benefits of XBRL Reporting :


XBRL with Computers:

The computes recognize the data in XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information.


XBRL in Organizations :

All types of organizations can use XBRL. As XBRL is extensible and flexible, it can be adapted to fulfill different requirements. By using XBRL, company and other producers of financial data and business reports can automate the processes of data collection.

Companies can use XBRL to save costs and simplifies their processes for collecting and reporting financial information. XBRL can handle data in different languages and accounting standards. It can flexibly be adapted to meet different requirements and uses. Data can be transformed into XBRL by suitable mapping tools or it can be generated in XBRL by appropriate software.

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XBRL

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