The eXtensible Business Reporting Language (XBRL) is an XML-defined standard used for analyzing, exchanging, and reporting financial and other business information. It defines the contents of financial reports and statements to make it easier to disseminate, access and compare financial information.
What is a taxonomy in XBRL?
A taxonomy is a grouping of financial concepts (known as “elements”) in which each concept is defined (similar to a dictionary). The US GAAP Taxonomies contain over 15,000 elements representing commonly reported financial concepts for US GAAP financial statements and are available and maintained by XBRL US.
Who are the users of XBRL?
Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies.
What is taxonomy financial reporting?
Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. They define the specific tags that are used for individual items of data (such as “net profit”), their attributes and their interrelationships. This is the Global Ledger (GL) taxonomy.
What means reporting language?
These reports contain more detailed guidance to departments and agencies than is provided in the accompanying bill — generally referred to as report language. Both report language and managers’ statements generally include detailed spending instructions, directives, and, sometimes, spending restrictions.
What is Linkbase?
An XML document that contains any inbound or third-party links is called a linkbase. A linkbase establishes links from documents other than the linkbase itself, perhaps documents that the author of the linkbase does not own and cannot control.
How do I use XBRL taxonomy?
You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.
- Choose the.
- On the XBRL Taxonomies page, select a taxonomy from the list.
- Choose the Lines action.
- Select a line and fill in the fields.
- To read detailed information about what to fill in, choose the Information action.
Is XBRL required?
On June 28, 2018, the Commission adopted amendments requiring the use, on a phased in basis, of Inline XBRL for operating company financial statement information and fund risk/return summary information.
Who is required to use XBRL?
The SEC Rule—“Interactive Data to Improve Financial Reporting”—requires domestic and foreign companies using US GAAP and foreign private issuers using International Financial Reporting Standards (IFRS) to provide their financial statements in the XBRL format as an exhibit to their periodic and current reports and …
Who uses iXBRL?
iXBRL is well proven, with many financial and regulatory reporting regimes mandating the use of the format globally. In Ireland and the UK, iXBRL filing is mandatory. Irish Revenue and UK HMRC requires businesses to submit their financial statements in iXBRL format as part of their Corporation Tax return.
