Label Linkbase[ edit ] This linkbase provides human readable strings for concepts. Using the label linkbase, multiple languages can be supported, as well as multiple strings within each language. XBRL aims to become a worldwide standard for electronic business reporting. This requires taxonomies to present business data in many different languages.
XBRL Extensible Business Reporting Languageis 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 software tagging tools.
According to Robert Elliot, Chairman of the AICPA, "XBRL solves two significant problems for users and preparers of financial statements by providing efficient preparation and reliable extraction of financial data across all technology formats, including the Internet.
Costs to implement XBRL will be minimal for CPA firms and their clients since it will be built into software technology and operating procedures, allowing increased flexibility to prepare and extract statements according to the accounting principles of different geographies and jurisdictions.
The result of the process is an additional identifier attached to each piece of business data that can provide clues at to its origin, its relationship to other data, the rules used to prepare the information and more.
XML is both easy to understand and capable of the most sophisticated data-management tasks. This can be accomplished because XBRL is designed to be a specification that is the same for all companies and is consistent from one financial statement to another. Here is the press release: It uses a financial reporting specification, agreed upon by key members of the financial information supply chain, that allows an open exchange of financial reporting data across all software and technologies, including the Internet.
For example, a set of subsidiary offices using Navision Financials can now more quickly collaborate with a parent office using a larger ERP system, while realizing significant time and cost savings.
XBRL offers several key benefits: More than 80 percent of major US public companies provide some type of financial disclosure on the Internet.
Investors and users of the Internet need accurate and reliable financial information that can be delivered promptly to help them make informed financial decisions.
Articles for further Study: An article from the June Federal Computer Week. Quote from the article: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.
XBRL stands for eXtensible Business Reporting Language and provides a common, electronic format for business reporting. XBRL was developed to communicate information between businesses and other users of financial information, such as regulators, investors, analysts etc.
XBRL International is a global not for profit operating in the public interest.
Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. XBRL (eXtensible Business Reporting Language) is a freely available and global framework for exchanging business information.
XBRL allows the expression of semantic meaning commonly required in business reporting. eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data, which is being adopted as a reporting standard around the world.
Organizations today are looking to establish a sustainable reporting process to comply with the Securities and. eXtensible Business Reporting Language.
XBRL (e Xtensible Business Reporting Language) is an XML-based language for financial reporting. XBRL provides a standard for uniform reporting for all users of the financial information supply chain; such as public and private companies, the accounting profession, regulators, analysts, the investment community, capital markets and lenders, as well as key third .