Often termed “bar codes for reporting”, XBRL makes reporting more accurate and more efficient. It allows unique tags to be associated with reported facts, allowing:
- people publishing reports to do so with confidence that the information contained in them can be consumed and analysed accurately
- people consuming reports to test them against a set of business and logical rules, in order to capture and avoid mistakes at their source
- people using the information to do so in the way that best suits their needs, including by using different languages, alternative currencies and in their preferred style
- people consuming the information to do so confident that the data provided to them conforms to a set of sophisticated pre-defined definitions
Comprehensive definitions and accurate data tags allow the:
- preparation
- validation
- publication
- exchange
- consumption; and
- analysis
of business information of all kinds. Information in reports prepared using the XBRL standard is interchangeable between different information systems in entirely different organisations. This allows for the exchange of business information across a reporting chain. People that want to report information, share information, publish performance information and allow straight through information processing all rely on XBRL.
In addition to allowing the exchange of summary business reports, like financial statements, and risk and performance reports, XBRL has the capability to allow the tagging of transactions that can themselves be aggregated into XBRL reports. These transactional capabilities allow system-independent exchange and analysis of significant quantities of supporting data and can be the key to transforming reporting supply chains.
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