eXtensible Business Reporting Language, also known as XBRL, is now the commonly-used electronic communication language in the field of business and finance. It is developed from the family of "XML" languages and is acknowledged to have made business and Internet communication fast, efficient and secure.
This communication software has been designed and developed by more than 600 private companies -all non-profit associations- together with government agencies and organizations from different parts of the world. Since it is free of license charges and user-friendly, many companies worldwide have already adopted it.
It's main function is to make data, particularly financial information, computer-readable. Through using the language, organizations save time, money, energy, and resources re-encoding and thus comparing data. As long as documents are in XBRL format, any data contained in them could immediately be searched, retrieved, transmitted, and checked with great speed, efficiency, and accuracy.
Because it is easy to use and businesses benefit from it, companies from various parts of the world have incorporated this in their business systems.
XBRL: Uses And Benefits
The development of this communication software has created positive impacts in the business world---financial businesses specifically. For one thing, it is cost-effective since it is free of charge. It can also provide great efficiency and ease in preparing, analyzing and communicating business information. It has eliminated the task of business processing and reporting through its "tags," the element responsible for automatic processing of business and financial information. Despite the speedy processing that it promises though, you also need not worry about the reliability and accuracy of the data since they too are foolproof.
The XML language is also very flexible so it can handle data in different accounting standards and languages.
XBRL: How Singapore Companies Benefited From It
In 2007, Singapore companies start to apply XBRL in their business communication in accordance with the Accounting and Corporate Regulatory Authority new filing requirements for Singapore corporations. The aim of this government initiative is to boost the flow of their business and financial communication in the international market. This has also helped the government provide a pro-enterprise online environment, which has greatly helped the Singaporean market to interact well with those from other countries.
This communication software has been designed and developed by more than 600 private companies -all non-profit associations- together with government agencies and organizations from different parts of the world. Since it is free of license charges and user-friendly, many companies worldwide have already adopted it.
It's main function is to make data, particularly financial information, computer-readable. Through using the language, organizations save time, money, energy, and resources re-encoding and thus comparing data. As long as documents are in XBRL format, any data contained in them could immediately be searched, retrieved, transmitted, and checked with great speed, efficiency, and accuracy.
Because it is easy to use and businesses benefit from it, companies from various parts of the world have incorporated this in their business systems.
XBRL: Uses And Benefits
The development of this communication software has created positive impacts in the business world---financial businesses specifically. For one thing, it is cost-effective since it is free of charge. It can also provide great efficiency and ease in preparing, analyzing and communicating business information. It has eliminated the task of business processing and reporting through its "tags," the element responsible for automatic processing of business and financial information. Despite the speedy processing that it promises though, you also need not worry about the reliability and accuracy of the data since they too are foolproof.
The XML language is also very flexible so it can handle data in different accounting standards and languages.
XBRL: How Singapore Companies Benefited From It
In 2007, Singapore companies start to apply XBRL in their business communication in accordance with the Accounting and Corporate Regulatory Authority new filing requirements for Singapore corporations. The aim of this government initiative is to boost the flow of their business and financial communication in the international market. This has also helped the government provide a pro-enterprise online environment, which has greatly helped the Singaporean market to interact well with those from other countries.
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