
XBRL is an open standard for financial data exchange and company reporting. It facilitates the conveying of financial data and aids in bringing consistency and standards to the communication and presentation of that data. It is the language of choice for electronic data transmission worldwide. In other words, it merely modifies how financial information is reported but does not affect the content itself. Below is everything you need to know about XBRL in financial reporting and how it works.
What is XBRL?
XBRL is the short form of “eXtensible Business Coverage Language.” The purpose of utilizing a unique format is to facilitate the easy transmission and systematic accessibility of financial data. ACRA (Accounting and Corporate Corporate Authority) receives financial data filed in Singapore using XBRL, creating a database. Software programs mark the provided financial data with relevant XBRL tags from a taxonomy to enable XBRL conversion.
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