XBRL in bid to accelerate development
XBRL.org, the accounting group developing XBRL, has released an enhanced version harmonising XBRL with the XML standard in a bid to speed up worldwide adoption.
XBRL, eXtensible Business Reporting Language, will enable companies to compile, maintain and publish operational and financial data online.
It is an XML-based (eXtensible Markup Language) framework that provides the financial community with a standards-based method to exchange, prepare, publish in a variety of formats.
‘By harmonising XBRL with the W3C XML schema, our members will be able to better leverage the underlying XML technology to share tools with all the players in the business reporting supply chain, thereby accelerating the timeline for adoption of XBRL,’ said Louis Matherne, co-chair of the XBRL development organisation, XBRL.org.
XML more efficient for transporting information through the internet than the current HTML (Hyper Text Markup Language) – currently the most popular language for displaying information on the internet.
LinksFor more information on the new internet language visit www.XBRL.org
XBRL: The new business reporting language
First XBRL ‘dictionary’ published