Hold on – this is a goodie. XBRL stands for eXtensible Business Reporting Language, which is basically a way of labelling financial information to allow it to be automatically processed by software. And it’s very useful for finance departments.
Tell me more. . .
XBRL greatly increases the speed at which financial data can be handled, reduces the chance of error and allows information to be checked automatically.
XBRL allows each item of information within a financial document, such as net profit, to be linked to a tag that describes what that information is, and that can be read by a piece of software.
