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XBRL
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XBRL stands for eXtensible Business Reporting Language that is a royalty-free, open specification for software that is XML based to describe financial statements for public and private companies. XML is eXtensible Markup Language, which is the universal format for structuring documents on the World Wide Web. Since XBRL is based on the XML format XBRL is permitted to the automatic exchange and reliable extraction of financial information across all software formats and technologies, including the Internet which will dramatically speed up analyzing financial information. It does not require a company to disclose any additional information beyond that which they normally disclose under existing accounting standards. This makes the analysis and exchange of corporate financial information easier and more reliable. With XBRL being developed by a non-profit consortium consisting of over 170 leading companies, associations, and government agencies around the world and the way it makes analyzing financial information faster XBRL has a bright future ( O’Rouke 55).
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