Practical pointers to XBRL basics and beyond. By Jay Hammond
XBRL or eXtensible Business Reporting Language is gaining recognition within the financial world as well as beyond it. Unfortunately, while many more people have heard of XBRL, describing it further, not to mention demonstrating it, has proven a greater challenge to overcome.
XBRL is a variant of the eXtensible Markup Language (XML), adapted for financial reporting. There are two types of XBRL file: taxonomies and instance documents. Taxonomies define the structure, classification and relationships of the data presented in the instance documents.