What is XBRL?
Extensible Business Reporting Language (XBRL) is an interactive data programming language that is used for exchanging and disseminating corporate reporting information. XBRL uses XML syntax, in addition to XML technologies and creates unique data tags to identify a piece of information's content and structure. XBRL use has been mandated by the SEC since 2009, and financial statement line items and notes are tagged with pre-specified taxonomies.
This mandate is intended to increase the speed that investors can compare data data across companies and industries. XBRL files are downloadable, which allows companies to be more efficient and save time. In addition, several other countries have been mandated to use XBRL such as China, Japan, Israel, Korea, the Netherlands and more. XBRL is projected to become the global reporting language by 2020.
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