XBRL stands for Extensible Business Reporting Language, a language based on XML that is used for communication between organizations about financial data. It enables its users to use standardized concepts of financial data, to avoid confusion about concepts and to make fast and exact data exchange possible. There are a number of good definitions available, some of which will be quoted here:
- "XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world" -
- "XBRL is an open standard which supports information modeling and the expression of semantic meaning commonly required in business reporting" -
- "The language for defining, producing, exchanging, and disseminating business reports" -
- "XBRL is a technology language for the electronic communication of business and financial data and is being implemented worldwide. XBRL-formatted documents enable greater efficiency, improved accuracy and reliability as well as cost savings to those involved in supplying and using financial and business information data" -
That should give you a good first impression. Now let's dig a bit deeper
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