Industries create a language of their own. This mode of information exchange is used to easily share their thoughts regarding business transactions. Before, this form of communication is passed on through verbal jargon. At present, these jargon is converted into software to make corporate communication faster. These programs have been important in processing information needed within the industry.In corporate reporting, XBRL or Extensible Business Reporting Language is utilized to communicate and transfer data among industries. XBRL is one of the universal softwares used by the global market. This computer software can be used for free and is given meaning by the XML software language. This reporting language is often used by businesses who convey financial information like banking institutions and treasuries.
One XBRL file has either items or tuples. Items have one value while the Tuples is made up of multiple items. Items are completed by assigning values on matching contexts. Contexts contain the nature of the business concerned and the schedule of the information being sent. There are instances wherein contexts have corresponding scenarios that determine whether the financial data passed is actual or estimated.
XBRL files also contain schemas and linkbases. Schemas are used to figure out Items and Tuples and translate what type of information is within these business facts. Meanwhile, linkbases sew one concept to another using computations, definitions and references.
This computer program for financial details has progressed over the years. Version 1.0 expressed the differences between instance and taxonomy files but they were not used for instance validation. The second version featured validation methods on schema substitution that were not in the original version.
The latest version is 2.1 but other programs have been created after XBRL. Financial firms in Singapore, Australia and New Zealand use the Standard Business Reporting Programs and a simplified version of XBRL was launched in 2008.