XBRL stands for eXtensible Business Reporting Language.The XBRL Specification is developed and published by XBRL International, Inc. It is one of a family of "XML" languages which is becoming a standard means of communicating information between Businesses and on the Internet. It uses the XML syntax and related XML technologies such as XML Schema, Xlink, XPath, and Namespaces. The XBRL standard gives financial professionals unprecedented control over preparing, analyzing, and communicating financial information, whether numeric or text. XBRL provides a computer-readable tag to identify each individual item of data. By attaching identifying tags to individual pieces of data, a business reporting document becomes “intelligent” data, allowing the exchange of business reporting data by encoding the information in a meaningful way. Computer applications can use the XBRL data to recognize the information in an XBRL document - selecting, analyzing, storing, and exchanging it with other computers and present it in a variety of ways for users.
XBRL is: An open technology standard for reporting and analyzing business and financial information Software agnostic, or independent Accounting framework neutral
XBRL, promises to web-enable the financial reporting process for both preparers and consumers.