WHAT IS XBRL?
eXtensible Business Reporting Language (XBRL), an XML-based language for describing financial reports, is a freely available, market-driven, open, and global standard for exchanging business information. In an XBRL file, all of the line-items of the financial statement are tagged, depending on their accounting definition. Analysts can use these tags to capture line-item data (e.g., total revenue, net income, etc.). In general, analysts still have to read all of the items and then select what they need for the evaluation. They will also have to input the selected data into their spreadsheets. To minimize their work loads, there are some information service providers who offer the normalized financial data as part of their service. However, companies are now able to provide original data as XBRL directly to select tags themselves.