The idea behind eXtensible
Business
Reporting
Language (XBRL) is mapping simplification.
Instead of treating financial information as a block of text
- as in a standard internet page or a printed document or flat
file - it provides
an identifying tag for each individual item of data. These tags
identify and characterize the data for other systems. For example, company net profit has its own unique tag.
By using XBRL tags, you can automate processing of business information
through different software packages, cutting out laborious and costly processes of manual
data entry, reformatting and reconciliation. XBRL capable
software can read XBRL data "intelligently": recognizing the information in a XBRL document, select it, analyze it, store it,
exchange it with other systems and present it automatically in a variety of ways for users.
XBRL greatly increases the speed of handling of financial data, reduces the chance of error
and permits automatic checking of information.
Companies using XBRL can save costs and streamline their processes for collecting
and reporting financial information. Consumers of financial data, including investors,
analysts, financial institutions and regulators, can receive, find, compare and analyze
data much more rapidly and efficiently if it is in XBRL format.
XBRL can handle data in different languages and accounting standards.
It can flexibly be adapted to meet different requirements and uses.
Data can be transformed into XBRL by suitable mapping tools or it can be
generated in XBRL by appropriate software.
Our
Oracle Hyperion Certified consultants have years of experience in both xbrl extensible business reporting language and Analysis and Information Systems, and many
hold advanced degrees. 