XBRL - The standard for financial and account reporting

XBRL, the standard for financial and account reporting

Known by its acronym XBRL (Extensible Business Reporting Language), this standard arose from the proposal launched in 1998 by Charles Hoffman, an expert accountant and auditor, in order to simplify the automation of the interchange of financial information by using XML language. Hoffman was very aware of the need to classify this interchange systematically, as a result of his many years of experience with automated accounting systems. In just over six years, this simple idea has managed to attract first of all the interest, and subsequently the backing, of a whole community of individuals and organisations, both public and private, representing a large number of countries and coordinated in XBRL International.

XBRL is organised as a conglomerate of national jurisdictions that are integrated in an International Consortium which drafts the technological standard as well as its associated elements, based on the NIC. They set out universal principles explaining how the significant economic facts for businesses should be treated and how they should be reflected in the accounts.
Standardisation of the information. Based on a universal and open format: eXtended Mark-up Language, XML
Maximum facility for processing, interchange and publishing of financial information
- Standard definition of the metadata
- Easily extendable taxonomies
- Quality Data guided by business rules
Widespread backing from the international community