What is XBRL?

I recommend XBRL as a new computer language of accounting for capturing financial information because XBRL is faster, cost saving and more accurate and reliable handling of data.

XBRL is faster

XBRL can exchange data with other computers in variety of ways automatically instead of manual processing. For example, if company has a business globally and want to show their financial statement with different language and different currency, XBRL can meet these demands automatically. http://xbrl.rienks.biz/examples

XBRL is cost saving

XBRL can validate and manipulate information and avoid re-entry data, which mean you enter the information once, then it automatically converted to various format. Fast processing time which XBRL’s one of the benefits is another reason to cause cost saving effectively. Less time to spend makes less money to spend for the company.

XBRL is more accurate and reliable

Handling data is automated by XBRL. Less people involve processing data makes less mistake from re-typing. Also, these data can be checked by software for accuracy.

XBRL can be used for data analyzing and sharing.

Analyzing data: Import data automatically into Excel and compare data from different geographic and business entities using a standard business structure.

Sharing data: Generate XBRL documents are available to users with different system and tools. For example, private and public company can exchange information across the web.

Here are the steps to prepare for start using XBRL.

1 Source: Obtain documentation and describe the data you wish to represent in
XBRL.

2 Structure: Determine how information should best be represent as elements,
the constraints of XML, the constraints of XBRL, clarity of presentation.

3 Collect: Collect the information. It is prefer to have in Excel or in format can
be imported.

4 Enter: Enter or import the data that already collected into the application to
build the taxonomy.

5 Scrub: Scrub the information and check the consistency and collecting errors.

6 Test: Try and represent the information in XML and see if it works properly.

7 Use: Start using information in XBRL documents.

To adapt XBRL, contacts local jurisdiction or XBRL international to find out updated taxonomies to reflect local accounting regulations and consult which software to use. Then decide software that suitable for the company and create XBRL tags. Company start using the information in XBRL documents and enjoy the benefits. Keep up-to-date XBRL.

The accounting community can play an important role in explaining and encouraging the adoption of XBRL. So, major accounting companies are members of XBRL consortium. This gives accountants easier to get up-to-date information on XBRL standard. Accountant could contact their local jurisdiction or XBRL international. To attend regular meetings, conferences, training sessions and symposia sponsored by XBRL international and jurisdiction is the alternative way.

http://www.microsoft.com/office/showcase/xbrl/default.mspx

http://www.xbrl.org/XBRLandBusiness/

http://www.xbrl.org/UpcomingEvents/

http://www.techweb.com/wire/story/TWB20000925S0012