XBRl (Extensible Business Reporting Language) is an open standard mark-up language optimized for business information, but not limited to financial and accounting information. It is the variant of XML (Extensible Markup Language) adopting the same syntax and related technologies. The XBRL aids data sharing more than XML does by removing the obstacle of human terminology from the equation.
The XBRL tags are computer-readable, allowing the electronic transmission of data along with resources relating to each concept helping to define their semantic meaning. The capability of XBRL to communicate semantic meaning associated with specific data elements, independent of software application. This makes use of the transmission of business and financial information to multiple company stakeholders and regulators.
How Did XBRL Originate?
XBRL technology arose from the need for reliable and financial related data to be reported to multiple regulatory bodies. The technology created follow issues-