Financial Reporting:
XBRL
XBRL (eXtensible Business Reporting Language) is an XML-based standard to define or tag financial and business performance data. Groups such as the International Accounting Standards Board and securities regulators such as the U.S. SEC are developing taxonomies, or a structure, for tagging data so that XBRL can be fully implemented.
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XBRL in the News
SEC's CIFiR recommends an XBRL mandate (PDF) |
How Will It Work?
- Filing companies assign each data item in their current financial statements (including note disclosures) with a defined tag
- Electronic reports, containing the tagged items, are generated and made available by the regulator or the company
- Software solutions will provide end users (investors and investment professionals) with direct access to data from the electronically filed reports
Why Is CFA Institute So Interested in XBRL?
- It will improve the accessibility, accuracy, and transparency of financial reporting
- It has the potential to improve the quality of our global capital markets through advances in the valuation process
- XBRL reporting programs are developing around the world and we want to ensure the users of financial statements are involved in their development
Find out why XBRL matters
Get our take on XBRL