 - XBRL (Extensible Business Reporting Language) is an XML-based language being developed specifically for the automation of business information requirements, such as the preparation, sharing, and analysis of financial reports, statements, and audit schedules. XBRL steering committee members include financial, accounting, software, and governmental communities from around the world: member organizations include Microsoft, ACCPAC, Oracle, Deloitte & Touche, IBM, Hyperion, and the American Institute of Certified Public Accountants (AICPA). The goal of the steering committee is to create a standard specification for industry-wide use.
The use of XBRL for creating financial statements will facilitate what has been a manual, repetitive, and error-prone endeavor. Statements must frequently be duplicated separately - and altered - for different uses (a Web publication and printed document, for example), and the extraction of data can be very time-consuming. XBRL will automate these processes.
In the future, XBRL is intended, among other things, to provide a standardized framework and integrated methodology for the preparation and publication of reports, as well as a consistent, automated process for the reliable extraction and exchange of financial statements.
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13 Mar 2002
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