Extensible business reporting language viewer
We provide a bit of background information to help business managers understand the concepts of 'reach' as compared to 'richness' of data, metadata, and business rules as these concepts are important to understand when looking at business reporting systems.
Context data in the instance was collected into a separate element. In the U.
Then we have the largest of the taxonomies, the US GAAP taxonomies and what are called the international accounting standards IAS , which are basically the accounting standards used by the rest of the world other than the US. First, it provides a reference to a document which explains how and where the element should be presented in terms of its placement and labeling. XBRL lets reporting information move between organisations rapidly, Fast Extensible business reporting language viewer. It contains definitions of basic validation rules, which apply to all instance documents referring to a particular taxonomy. Under the pilot program begun last week, investors will have access to XBRL-enabled financial data from the financial reports of 21 semiconductor companies listed on the Nasdaq. See Also. Virtually all of the participants in the financial information supply chain will find it worthwhile to take advantage of the enhanced data. To help cure the problem, the two organizations have presented a five-step recovery plan for financial institutions suffering from an erosion of public trust, including a strong endorsement for the Extensible Business Reporting Language, or XBRL. NET framework. XBRL allows the creation of different labels depending on the context in which an element will be used. As XBRL catches on, analysts will be able to spend less time building intricate spreadsheets from scratch and more time scrutinizing companies' finances and accounting practices-which they're bound to be doing more of in the wake of the Enron scandal. This data will be accessible through the Microsoft Excel interface via a custom solution built by Dell Professional Services. Banks, in turn, can benefit greatly from receiving XBRL-formatted financial information from their borrowers. There may also be different labels for different purposes.
Non-standard elements can also be included, as long as they're also described within the document. To help cure the problem, the two organizations have presented a five-step recovery plan for financial institutions suffering from an erosion of public trust, including a strong endorsement for the Extensible Business Reporting Language, or XBRL.
Reference linkbase: This linkbase is an xml file that contains supplementary information about the data that is required by the taxonomy issuer.
The linkbase contains a series of links that each connect two elements as parent and child. XBRL creates a common language in which a data point like a customer number or employee ID, or amount or currency, are always called the same thing and so an app that needs to consume that data will know what to do with that The online data, formatted in XBRL and publicly available via a Nasdaq-hosted Web Service, will showcase XBRL's ability to allow for easy comparisons of the financials of companies within a particular industry, like semiconductors.
Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. Taxonomies using XBRL Dimensions can define new dimensions, specify the valid values "domains" for dimensions, designate which dimensions apply to which business concepts through mechanisms called "hypercubes", and relate other taxonomy metadata labels, presentation information, etc. The fourth relation is similar-tuples. Developed to ease electronic communication and analysis, XBRL tags each data cell and each line of content in a financial statement to provide computer-understandable context and, therefore, fast query and analysis. XBRL needs widespread adoption. Non-standard elements can also be included, as long as they're also described within the document. In the U. For example, before XBRL, investors would need to pore through numerous reports and precisely program their computers to recognize any given value from a financial statement. In addition, the FDIC can order optional technical requirements. Mary Knox, a senior research analyst in Gartner's financial services area, said it will be interesting to see if and when regulatory agencies mandate XBRL's adoption.
While the resulting report and accounts meets HMRC's requirements, it is not an attractive document to view or read.
It's a very large task, something that's been in development for over two years, but it's nearing completion. This voluntary program would enable the Commission staff to further investigate the types of data tagging currently available in the marketplace. Right now, there's really not a piece of software that can go and extract the revenue recognition policy of one company at a given point, and then go and get the corresponding policy at another point.
Features of xbrl
Taxonomy creators may also define different labels for one element. There is no reliable way to do that. In financial reporting on the other hand, many terms express the date for which they are being reported, for instance Property, Plant and Equipment at the beginning of year and Property, Plant and Equipment at the end of year. That isn't immediately likely, as executives still know little about the language. The format also saves time in the reporting process, leading to cost reductions for companies that adopt it. From BusinessWeek Online February 08, Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. Developed to ease electronic communication and analysis, XBRL tags each data cell and each line of content in a financial statement to provide computer-understandable context and, therefore, fast query and analysis.
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