XBRL, the revolutionary internet financial reporting language, has scored its first European success with the release of Reuters’ third-quarter results on the web.
The news and information group became the first listed company in Europe to make its financial results available on the internet using Extensible Business Reporting Language, a web-based format that allows users to easily extract financial information. It is based on XML – Xtensible Markup Language – a system that separates content from appearance.
David Grigson, Reuters chief financial officer, said: ‘XML is key to distributing information in the internet age and the developing XBRL standard will greatly increase the power of financial reporting.’
Reuters, which has a clear interest in promoting use of the standard, is planning to release its full annual results in the format early next year.
Though still being tested, XBRL will give the financial community a uniform way of digitally publishing, extracting and exchanging company reports and other financial information.
According to Mark Hunt, Reuters’ director of XML strategy, the company has taken this step to stimulate interest.
He said: ‘XBRL speeds up the whole process (of financial analysis), it is a real saving.’
The standard is being developed by a number of bodies and firms, including the ICAEW.
To find out more about XBRL, see www.accountancyage.com/IT/1119778.
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