About XBRL
XBRL is a technology language for the electronic communication of business and financial data and is being implemented worldwide. XBRL-formatted documents enable greater efficiency, improved accuracy and reliability as well as cost savings to those involved in supplying and using financial and business information data.
Primary benefits of XBRL Solutions
- Reduces Costs
- Increases Productivity
- Improves Data Quality
- Extends Data Interoperability
How XBRL works
XBRL is based on XML, a widely accepted standard, and has the ability to “tag” or code each element on a financial or business report with information such as description, units, currency, etc., so that it is easy to identify and understand for users of the information. All the elements are grouped together into a collection of financial and business reporting terms called a “taxonomy”. XBRL is extensible, meaning that the terms available for use can be customized so that companies using XBRL can create their own elements – called "extensions" – to describe a unique reporting situation .
XBRL is not an accounting standard and will not change what is reported, only how it’s reported. The XML tagging means that the information in a business report is computerreadable and can be more easily extracted, searched and analyzed by users of that information.
What it can do
- XBRL allows for the creation of interactive, intelligent data.
Each piece of business information has detailed descriptive and contextual information wrapped around it, so that the data becomes machine-readable and can be automatically processed and analyzed.
- XBRL allows business reporting information to be reused and repurposed.
A financial or business report created once can be used to create many documents in different formats--HTML, ASCII text, Microsoft Word or Excel—with no loss of accuracy or integrity.
- XBRL adds value to every step of an organization’s business information reporting.
The entire reporting chain of business information -- from data collection through internal reporting and external reporting -- will be made more efficient and accurate and will contain more useful data.
- XBRL enhances the ability to compare information from one organization or entity to another,
because XBRL lays out a common set of definitions by which all organizations tag their data.
- XBRL allows for unique reporting situations,
because it can be extended by a single reporting entity by adding special elements that may be needed to best represent that company.
What is XBRL US?
XBRL US is the national consortium for XML business reporting standards, comprised of member organizations including accounting firms, software providers, newswires, investors, filing agents and information intermediaries. Its mission is to facilitate the development and use of taxonomies for public and private sector applications. XBRL US is a jurisdiction of XBRL International.
How to Learn More
- Get educated. This Web site is the perfect place to get started!
- Create a task force within your organization to develop your own XBRL adoption strategy.
- Get involved. Join the XBRL consortium (see www.xbrl.us/join) so that you can have input into the XBRL standard and the future of business information reporting.