XBRL stands for eXtensible Business Reporting Language.
Last week, I conducted a short training session on XBRL Simplified. This course is designed for general audience who are involved with company accounts and audits, company secretaries, IT practitioners, business owners and tertiary students.
In short, XBRL implements digital filing of financial reports which are normally submitted to the regulators. 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.
“XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally.” – XBRL Consortium
The computer language that is being used by XBRL is XML-based. XML is being used to describe data. The XML standard is a flexible way to create information formats and electronically share structured data via the Internet, as well as Intranet. XBRL is unique as compared to XML is that XBRL is designed for business and financial data use. XBRL ‘tags’ utilise standard financial and business taxonomies.
The taxonomies that are already available in the market are based on the IFRS (International Financial Reporting Standards) and US-GAAP (Generally Accepted Accounting Principles).
In Malaysia, XBRL has already started to be implemented internally in some of the regulatory bodies in Malaysia. Suruhanjaya Syarikat Malaysia (SSM) will be the first regulatory body that is going to introduce XBRL to the public, the system is named as MBRS – Malaysian Business Reporting System, a platform that allows annual submissions of Financial Statements and Reports (FS), Annual Returns (AR) and Exemption Applications (EA) which are related to the FS and AR submissions. MBRS is said to be launched in the 2Q of 2018.
If you are interested to find out more about XBRL and would like us to give a short presentation on the general concepts and idea of XBRL, please contact Nooradl Technology via their website at www.nooradltech.com