The XBRL Standard
XBRL (extensible Business Reporting Language) is the open international standard for digital business reporting that has been especially developed to support the communication and exchange of information and data (both financial and non-financial) between the different parties, users, and stakeholder in the economy. XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL relies on the use of the concept of tagging of reporting elements (taxonomies) to reflect the existing descriptions and relationships between the different reporting elements. XBRL provides the readers and users with comprehensible and easily readable material, that both a person and computer can understand, such that whenever these elements are referred to, they render specific expressions of semantics and relations pertaining to the reported elements. Information in reports prepared using the XBRL standard is interchangeable between different information systems in entirely different organizations. Moreover, XBRL is an XML based language (extensible markup language), and is considered a standard language stemming from the global agreement to unify its concepts and terminology under the purview of XBRL International. XBRL is in use across the world for the fast, accurate and effective exchange and distribution of financial statements, regulatory filings, compliance reports and a host of other vital business information.
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