Abstract
Abstract Accounting was developed in response to the demands of business and other organizations and users for relevant and reliable information for decision making. Currently, many companies are providing users with financial information via the Internet. However, often such information must be reentered or cut and pasted by users seeking to analyze it because, as yet, there are no common, generally accepted formats for presenting business information. XBRL (Extensible Business Reporting Language) is currently being developed to overcome this limitation. XBRL provides financial information preparers, analysts, and other users with a standardized method to prepare, publish, and exchange financial information to enhance decision effectiveness and efficiency. This paper traces the development of XBRL, tracing its conceptual roots from SGML and XML, providing examples of its application to financial information, and summarizing its benefits and limitations. An appendix provides a detailed illustration of the steps involved in creating an XBRL document.
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