eXtensible Business Reporting Language
The Future is Now
What is the impact of XBRL on financial reporting? We now live in the Internet age, yet we still use a paper-based model for financial reporting. XBRL is a move from a “paper-based” reporting scheme, which is unstructured, to an internet “XBRL- based” reporting scheme that significantly improves the analysis, comparability and compliance of data.
How are financial reports better with XBRL?
The biggest difference is ease of use—not just for you, but for a wide range of interested parties, including investors, suppliers, employees, customers and government regulators. Currently, financial reports share one key element: the information within the report cannot easily be reused without first being re- keyed into a downstream application, such as a spreadsheet. Information that’s structured for meaning—as is the case with XBRL—does not simply sit inertly on a piece of paper. Instead, it is dynamic and interactive. For further information, please review the following:
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