XBRL 'meets business needs'

News Article - 03 May 2007
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Computer language XBRL was developed as a way of standardising payload formats and helping to meet the needs of the business community, one expert has claimed.

According to web services advisor Daniel Rubio, XBRL offers users the ability to express financial company results in a variety of ways for different audiences or purposes.

In this way, the computer language helps meet the needs of firms by allowing them access to ways of preparing, analysing and communicating business information, he told TechTarget.

Additionally, XBRL is able to accommodate the various financial reporting or accounting standards of different areas, supporting its user base.

Mr Rubio states that the language can be used in three different ways – to create taxonomies, to validate such taxonomies and to produce documentation of taxonomies.

With its adoption by the US Securities and Exchange Commission, the expert adds that XBRL is now moving beyond the "communications web".

Despite positive reviews, a recent survey by Grant Thornton found that the majority of chief finance officers felt that the accountancy industry was not adequately promoting the computer language's benefits.

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