What is XBRL?
XBRL stands for eXtensible Business Reporting Language. It is an open-source, XML-based standard for communicating and exchanging financial and business information.
The main purpose of XBRL is to facilitate the sharing of financial and business information in a standardized and efficient manner. It allows for the tagging of individual pieces of data within financial statements, making it easier to analyze and compare data across different companies and industries.
XBRL has gained widespread adoption around the world, particularly in the realm of financial reporting. It is used by regulatory bodies, such as the SEC in the United States, to require public companies to file financial statements in XBRL format, and by companies to communicate their financial results to investors and other stakeholders.