XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits in the preparation, analysis and communication of business information which offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text, as in a standard internet page or a printed document, it provides an identifying tag for each individual item of data.

The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently": they can recognise the information in a XBRL document, select it, analyse it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information.

Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyse data much more rapidly and efficiently if it is in XBRL format.

All types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements.

XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. XBRL is an open standard and free of licence fees. more information on XBRL is available at http://www.xbrl.org/.

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