XBRL stands for eXtensible Business Reporting Language. It has become and is fast becoming THE reporting language internationally. It makes sense to all those people who use accounting information. Extensible means the application can be extended adding machine and human readable tags.
Applications: a) for financial statements
b) for taxes c) accounting and business reporting
d) government for analyzing information and aggregating
e) analysts for comparing across countries, across industries, etc.
f) accounting institutions across the world
g) mechanizing the whole generating and reporting functions across all regulators – accounting, investing and fund management.
many other sensible even non accounting applications.
It seems to be a good thing for reporting and a fantastic career opportunity for young Chartered Accountants just starting their careers and interested in a career in accounting and equity research. The way the accounting information will be consumed in the future is being created – a great time to be a part of History.
Is with a company called IRIS and details of XBRL can also be got from their website http://irisbusiness.net/xbrl/showLatestHappenings.php?id=15
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