XBRL International, a non-profit organisation with a global membership, governs the open international standard for digital company reporting known as XBRL. In the future years, we want to raise the quality of public-interest reporting. More than 50 countries throughout the world use XBRL, and it is now a standard. Many XBRL documents are created each year, replacing previous, paper-based reports with more usable, more effective, and more up-to-current digital versions that are more accurate and up to date with each New Year.
The Value of the Reporting Words
It is possible to specify reporting words authoritatively in XBRL, which is an extensible business reporting language. When used in financial reporting, these terms may be used to differentiate between financial reporting and other forms of compliance and performance reporting. By using XBRL, reporting information may be shared in a fast, accurate and digitized way across organizations around the globe
For example, the move from paper maps to digital maps or from film cameras to digital cameras might be likened to the transition from paper documents to digital documents. The new format not only makes it feasible to do everything that was before possible, but it also opens up a whole new universe of possibilities since the information is properly defined, platform-independent, tested, and digital. It’s similar to how digital maps make it easier for people to use and share data, while also allowing them to analyze and add value to it.
The standardization of reporting concepts has the potential to deliver considerable and often unexpected savings in the corporate reporting supply chain, similar to how the universal shipping container revolutionized worldwide supply networks for goods.
What is the purpose of XBRL?
Improved accuracy and efficiency are two of the primary benefits of XBRL, often referred to as “barcodes for reporting.” It allows for the following: tagging of submitted facts with unique tags
Consumers of business information must be persuaded that the data they get is in accordance with a comprehensive set of predefined criteria for all sorts of business information. Financial information, marketing data, and other sorts of data are included in this category. Information in XBRL-formatted reports may be read by a variety of systems in a variety of organizations, even if they are not linked in any way. Information about a corporation may be sent down the reporting chain in this manner. In order to report, exchange, publish performance data, and allow straight-through information processing, XBRL is widely utilised by a wide range of people and organizations.
Because it makes summaries of financial and risk and performance data like financial statements and risk reports and dashboards easier to share, XBRL also allows transactions to be tagged and aggregated into XBRL reports. Because these transactional capabilities allow for system-independent exchange and analysis of vast volumes of supporting data, it is feasible that they will be the key to changing reporting supply chains.
Who is the product aimed at?
The international XBRL partnership has more than 600 members from both the business and governmental sectors. For more than a decade, the standard has grown and evolved, and it now encompasses a wide range of reporting scenarios, as well as a number of features that enhance the overall quality and consistency and accessibility of reports.