The Extensible Business Reporting Language (XBRL), formerly code-named XFRML, is a markup language within the extensible markup language family (XML) that simply takes the output from a financial system and codes the data in machine-readable format.
Extensible Business Reporting Language (XBRL), formerly code-named XFRML, is a freely available electronic language for financial reporting.
To this end, the AICPA has partnered with a number of organizations in the XFRML effort, including the Big Five firms, FRx Software Corporation, Great Plains, EDGAR Online, and the Microsoft Corporation.
XFRML is intended to be, in the words of the AICPA site, "the digital language of business.
When fully developed, XFRML
will consist of a series of specifications based on XML (extensible markup language).
Those who will be most affected by XFRML
will be companies that prepare financial statements, those that use these financial statements, and those who are responsible for setting standards for financial statements--CPAs, professional associations, consultants, and software vendors.
Elliott says XFRML
represents a way to vastly increase the utility of financial information.
The new financial reporting language, XFRML
, is derived from XML (extensible markup language).
Formerly code-named XFRML
, XBRL is a free, new XML-based specification that uses accepted financial reporting standards and practices to exchange financial reports across all software and technologies, including the Internet.
FRx(R) Software Corporation, a leading provider of financial reporting and analytic applications, today announced that its upcoming product release, code-named "Vulcan," will embrace the American Institute of Certified Public Accountants' (AICPA) XFRML
initiative to create standardized digital financial statement formats using XML (Extensible Markup Language).
The specification, which is currently called XFRML
(for "XML-based Financial Reporting Markup Language"), will be the digital language of business.
will make use of XML to create the language for financial reporting.