By smartly tagging data and content, an XML family offshoot is revolutionising business reports. It is now used extensively across Europe and is fast becoming a mandatory standard for financial and business reports worldwide.
“It’s about better, faster and cheaper business reporting,” says Olivier Servais, director of the IST project XBRL Europe. “This was once done with proprietary electronic formats. XBRL (eXtensible Business Reporting Language) is an open standard that brings a common understanding, vocabulary and method to financial statements.”
Unlike Hypertext Markup Language (HTML), eXtensible Markup Language (XML) neither defines nor limits tags. XBRL is part of the XML family and focuses on business reporting needs, by flagging up everything from net assets to sales. Computers can read these tags, speeding up the preparation, analysis and communication of business information.
Tara Morris | alfa
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