XBRL stands for eXtensible Business Reporting Language
that is used for publishing financial information in the
XML format. XML is a computer language like HTML used for
interchanging the documents on the World Wide Web. It is most widely used in
Accounting , Banking, Financial Analyzing, Crediting, Statistical Analyzing and
Stock Marketing etc. It is an open standard language and need not to pay the
XBRL is designed to exchange the accounting information and financial statement in the XML tag. It arrange the data in a separate entity with its own identity tag, even it is quite capable to classify the large groups of data with their unique tags. Thus this a more natural and user-friendly way for data to interchange.
XBRL is a faster language that direct transfer the
numbers of data from one place to another within a few microseconds. This makes
easy in searching the data, checking credits, building reports analyzing and
preparing the financial reports.
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