
eXtensible Business Reporting Language, abbreviated as XBRL, refers to the language of financial data and electronic business communication that aims at transforming business reporting worldwide. It provides benefits in the analysis, communication, and preparation of business information. According to experts at BoardRoom, it often provides improved reliability/accuracy, high efficiency, and cost savings for those involved in using or providing financial information.
XBRL Features
XBRL is a very versatile language used to cover elements of reporting in various industries and nations. Because of that, it is customized to match different business demands because of being extensible. Some of the features that XBRL can be customized to have are:
- Compliance – Enables companies to comply with regulatory requirements for regulatory filings and financial reporting.
- Cost-effective – Basically, XBRL software is designed to be cost-effective for analysis, compliance, and reporting.
- Machine-readable – XBRL information is simply machine-readable, enabling easy analysis and extraction








