XBRL – EXTENSIBLE BUSINESS REPORTING LANGUAGE
‘A Global revolution’
Charles Hoffman, a CPA conceived the idea of XBRL as he was who investigated how XML could be used for electronic reporting of financial information. The Australian Prudential Regulatory Agency (APRA), one of the world’s largest regulatory agencies was the First Bank Regulator to adopt and use XBRL.
What is XBRL?
XBRL is a Digital Language for electronic communication of business and financial information which is set to revolutionalise business reporting around the world. It provides a common electronic format for business reporting and can make the process of creating, distributing, reporting and analyzing the information more efficiently and effectively. Using XBRL would make it possible to store financial information in a computer readable format. Remember it’s a Language and not Software.
XBRL belongs to the family of XML languages which has
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