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XBRL XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. XBRL is set to become the standard way of recording, storing, and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It provides major benefits in the preparation, analysis, and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet. It is an open standard, free of license fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. Benefits in the Preparation, Analysis, and Communication of Business InformationXBRL offers major benefits at all stages of business reporting and analysis. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison.Computers can treat XBRL data "intelligently", they:
Cost Savings, Efficiency and Improved Accuracy and Reliability of Financial DataCompanies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare, and analyze data much more rapidly and efficiently if it is in XBRL format.Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors, and creditors. Among those who can take advantage of XBRL include accountancy software vendors, the financial services industry, investor relations companies, and the information technology industry. Other BenefitsXBRL can handle data in different languages and accounting standards. It can flexibly be adapted to meet different requirements and uses. Data can be transformed into XBRL by suitable mapping tools or it can be generated in XBRL by appropriate software.The use of XBRL does not imply an enforced standardization of financial reporting. On the contrary, the language is a flexible one which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level. Business case criteria – reducing costs of capturing data, timeliness of data, flexibility of data collection, quality of data and reuse of data. Benefits and Uses for BusinessAll types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters, or users of business data.Data Collection and Reporting - By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. Data Consumption and Analysis - Users of data which is received electronically in XBRL can automate its handling, cutting out time-consuming and costly collation and re-entry of information. Software can also immediately validate the data, highlighting errors and gaps which can immediately be addressed. Potential Uses of XBRL - XBRL can be applied to a very wide range of business and financial data. Among other things, it can handle:
Why Forward Hindsight?FHI, a forward thinking and innovative organization, can assist in implementing this Emerging Technology that facilitates directed searches and simultaneous presentation of related financial statement and footnote information could potentially.XBRL capability has the potential to alleviate an organization’s cognitive limitations, help increase the transparency of different accounting treatments, reduce users’ cognitive costs of processing information, and act as a decision aid for users by facilitating the acquisition of related information. |
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