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Finance & Accounting
Pages 5 (1255 words)
What is XBRL and how does it work? XBRL or eXtensible Business Reporting Language is open, freely available and global standard for business information exchange. It is a technology platform that allows preparing, analyzing and exchanging of business information.
It allows semantic meaning that is required for reporting financial and non financial information of businesses. This technology uses XML based language. The main objective of XBRL is to prepare and exchange financial information for further usage of it like analysis of financial information for investment decision making. It is a standard way to communicate with the stakeholders of the businesses through sharing financial information. Specification of standardization of information is developed and published by XBRL International Inc. The information on the XBRL platform can be freely downloaded especially the financial statements can be downloaded as spreadsheet format so that it can be easily used for further analysis (AICPA. 2012, p.1). The information will also be available in multiple languages to meet the purpose of mass target audiences. The professional users of financial statements of business like the security analysts can analyze the company’s financial information by comparing with other competitors very easily. This will be assist by getting automating filling of business information which can be easily compared with the previous financial figures. Again this helps analysts to increase speed along with high level of accuracy of data. ...
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