02-13-2003, 03:34 AM
XBRL is the reporting language for business. Based on XML,a sister of HTML (if I am right), it is a codification of standard taggings that will be used for business reporting.
In layman's words it is the next step for financial reporting in particular and general business data exchange in general.
So in future, we might see IAS-compatible financial statements available as web pages using standardised taggings.
This has significant implication for internet, intranet and web-based applications. I mean you can imagine the extent of its usage in everyday financial information exchange as a standard.
Other implications are cross-border financial information reporting and exchange which will benefit tremendously and perhaps overcome the language barrier as well.
In layman's words it is the next step for financial reporting in particular and general business data exchange in general.
So in future, we might see IAS-compatible financial statements available as web pages using standardised taggings.
This has significant implication for internet, intranet and web-based applications. I mean you can imagine the extent of its usage in everyday financial information exchange as a standard.
Other implications are cross-border financial information reporting and exchange which will benefit tremendously and perhaps overcome the language barrier as well.
