XBRL: COMING of AGE?

REPORT writing; BUSINESS information services; TAXONOMY; STANDARD language; STAKEHOLDERS; ACCOUNTING standards

The article focuses on the usage of extensible business reporting language (XBRL) and its misconceptions that still persist. XBRL is a standards-based method which prepares, publishes, exchanges and analyzes financial information. XBRL enhances the reporting quality of Internet-based exchange of financial information and lowers reporting costs by establishing more precise communication with external stakeholders. Misconceptions about XBRL still persist. XBRL has been wrongly considered as a software product that changes accounting standards. Financial information is tagged to a taxonomy for its assimilation into one standard language format. XBRL has been supported by the American Institute of Certified Public Accountants and the Institute of Management Accountants. INSET: The FDIC's XBRL Mandate..