Xbrl Assignment
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XBRL assignment
XBRL stands for eXtensible Business Reporting Language- a special programming language that facilitates communication of business information between business systems through computers and online through HTML pages. Users of XBRL easily find information that is highlighted , sorted and tagged quickly without manual input. It improves the reporting process by reducing time and the chances of data entry errors. By encoding information about data , other computers programs can read it, process it and check for accuracy.
Introduced in the 1990‟s by Charles Hoffman, eXtensible Business Reporting Language is revolutionizing business reporting across the globe (
The first taxonomy ever created using XBRL 1.0 was released July 31, 2000. It was the building block which helped improve the standard, build taxonomies and understand how to use it to get certain results. The creation of XBRL 2.0 in December 2003 corrected issues encountered with XBRL 1.0
The uses for XBRL are numerous. XBRL is currently being used in Asia, Europe and The Americas. While the U.S. and Asia focus on XBRL for use in capital markets, Europe has developed an eye-opening array of government applications that can share consistently structured XBRL data (www.xbrl.org).
The adoption of XBRL by business entities is becoming easier as more and more XBRL-aware software products are becoming available. These products can “support the exporting of data in XBRL form and will allow users to map charts of accounts and other structures to XBRL tags” (www.xbrl.org).
Those who stand to benefit from using XBRL 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,