INTEGRATING FINANCIAL REPORTING SYSTEMS WITH XBRL

To integrate financial reporting systems over the Internet and between applications, XBRL.org is developing a framework termed eXtensible Business Reporting Language (XBRL). The objective of XBRL is to create, exchange, and analyze financial reporting information throughout the financial information supply chain. XBRL is based on Extensible Markup Language (XML), the World Wide Web Consortium data standard that defines a platform-independent way to represent data and complex documents. XBRL allows the automatic exchange and reliable extraction of financial information over the Internet and among applications and hence, ensures the relevance and reliability of financial reporting. The result should lead to enhance decision-making, lower information cost, and better allocation of resources for the economy, in general.