|Section One: Introduction to XBRL
XBRL stands for eXtensible Business Reporting Language, the financial profession's version of XML for financial reporting. XBRL was created by an industry-wide consortium seeking to develop a consistent method of reporting business event information. The XBRL steering committee directs the efforts of the group. Steering committee membership is open to all organizations who would like to participate in the process and pay a small membership fee.
From the XBRL.org Web Page:
Organizations and corporations world-wide are committed to support XBRL. Countries are also excited about having their participants in capital markets report accounting information against a single chart of accounts and in XML. The International Standards for Accounting Consortium is very excited about the project and will sign on all countries who use ISA for accounting. This means that thousands of companies world-wide will be clamering for useful tools.
Articles for further Study:
Looking at Business Reports Through XBRL-Tinted Glasses, Strategic Finance, September, 2000, By Liv A. Watson; Brian L. McGuire, CMA, CPA; and Eric E. Cohen, CPA. The article introduces XBRL and XML and explains how XBRL will be used for business reporting. The description of how XBRL fits into the XML family is very helpful.
XBRL Will Transform Financial Reporting Date:
Jun 19, 2000
, Publication: WST
Inside the 1.0 Specification, is a guide to reading the W3C recommendation.
XML, The Next Big Thing, Published on the IBM developer's Web Site, provides insight into how XML is used in business and what role IBM is playing in the development of XML.
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Copyright © 2008 Saeed Roohani, XBRL Education