— eXtensible Business Reporting Language (XBRL) is expected to have a profound impact on financial data and business reporting through the world. Its underlying data structure taxonomy provides valuable tools for defining, aggregating, classifying, and reporting of financial data. The combined metadata – created by the taxonomy and tagging – provides financial analysts, investors, and interested parties with analytical instruments to search, assemble, and process financial data to be readily accessed and analyzed electronically. In 2009, the Securities and Exchange Commission (SEC), in the United States of America (USA), has mandated the use of XBRL for financial and reporting purposes, yet its application has been widely spreading all over the world and in the global financial markets. By year 2012, over eighteen countries have already adopted the use of XBRL as an aggregate tool for financial market reporting purpose. This research presents an update assessment of the use of XBRL based on the authors’ training in the field and the review of previous relevant literatures. The paper focuses on providing a view of its technical aspects, benefits and limitation with less emphasis on detailed technical implementation.
— Electronic financial reporting, XBRL technical structure, XML-based financial statements, electronic financial analysis, standardized financial reporting, EDI.
The authors are with the State University of New York, Empire State College, CDL, New York, USA (e-mail: email@example.com, firstname.lastname@example.org).
Cite: Nazik S. Roufaiel and Magdy S. Roufaiel, " The Future of Global Financial Analysis eXtensible Business Reporting Language," Journal of Economics, Business and Management vol. 1, no. 1, pp. 123-128, 2013.