Demystifying XBRL

Since the inception of the Internet, many technologies have been tried as Electronic Data Interchange (EDI) enablers to move financial information and data between computer systems. In today’s world information is the key to success for any organization. Greater efficiency or advantageous position against competitors can be achieved depending on how much information and how quickly the information can be obtained. For example, investors and investment analysts want to use their own analytical tools using the financial data made available by the company or data aggregators like Bloomberg, need to copy & paste such information manually. Finance managers need to compile financial information from different departments into a spreadsheet for decision making. However, the format of the information may be different among the different systems. As a result, far more time is needed in the financial domain for producing the required information and getting the information ready for analytical purpose. With the creation of eXtensible Business Reporting Language (XBRL), a new vista is opened.