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XBRL: Overcoming the Skepticism of Global Regulators

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According to XBRL International, XBRL (eXtensible Business Reporting Language) is a technology that supports the representation, use, and transmission of business information from companies to their different regulatory bodies and to end users of these data. This process has implications for information professionals and the companies that supply them with corporate financial data. The so-called markup or metadata languages have generated great interest among academicians and practitioners involved with online information exchange systems. In a business environment, users who are going to exchange information meet and define a taxonomy. The technical advantages of XBRL have been well-received by organizations that until now have been managing their business information by more rudimentary methods. Due to these efforts, and despite initials skepticism, many XBRL projects have been conducted with success. As many projects properly end, the next step is to start working in new reporting frameworks.

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